What is the meaning of deficit?

noun

• The property of being an amount by which something is less than expected or required.
  • usage: "new blood vessels bud out from the already dilated vascular bed to make up the nutritional deficit"
  • synonyms: shortage, shortfall
• A deficiency or failure in neurological or mental functioning.
  • usage: "the people concerned have a deficit in verbal memory"; "they have serious linguistic deficits"
• Sports) the score by which a team or individual is losing. (
• An excess of liabilities over assets (usually over a certain period. )
  • usage: "last year there was a serious budgetary deficit"