Definition: Deficiency in amount or quality; a falling short; lack.

Alright class, settle down now, let’s take a look today, At a word that pops up often, come what may! We’ve got “deficit” on the board, it's true, And the dictionary tells us, just for you: “A deficiency in amount or quality,” it states, “A falling short – don’t hesitate!” “A lack,” it finishes, clear and bright, Giving you a good starting light. Think of it like this, my dears, if you please, You need ten cookies, but only get three with ease! That's a deficit of seven, plain to see, A shortage there, for you and me! It can apply to money too, you know, If your savings are low, they’re moving slow. So "deficit" means something is missing, it’s true, A shortfall in what's needed, for me and you! Does that make sense? Any questions before we move on?