allowance, commodity, compensation, deficit, recession: meanings and examples

Learn these 5 words from Advanced set 49. Each entry includes a definition, example sentence, pronunciation, and synonyms. Use the interactive cards above to practice them.

1. allowance · noun/əˈlaʊəns/

   an amount of money provided regularly for needs and expenses

   On top of the salary, executives also received a considerable allowance for company-related dinners and travel expenses.

   Synonyms: payment, benefit

   Origin: late Middle English: from Old French alouance, from alouer (see allow)

2. commodity · noun/kəˈmɑdədi/

   a good that can be bought or sold

   As crude oil becomes an increasingly rare commodity, gas prices are expected to continue to rise.

   Synonyms: product, good, asset

   Origin: late Middle English: from Old French commodite or Latin commoditas, from commodus (see commodious)

3. compensation · noun/ˌkɑmpənˈseɪʃ(ə)n/

   money paid to offset or apologize for a negative event

   After the accident at the factory that left him unable to walk, Tom received a significant compensation package.

   Synonyms: coverage, reimbursement, payoff

   Origin: late Middle English: via Old French from Latin compensatio(n-), from the verb compensare ‘weigh against’ (see compensate)

4. deficit · noun/ˈdɛfəsət/

   the difference between the amount needed and available

   The new president argued that the current budget deficit was a result of excessive military spending.

   Synonyms: shortage, shortfall, lack, shortcoming

   Origin: late 18th century: via French from Latin deficit ‘it is lacking’, from the verb deficere (see defect)

5. recession · noun/rəˈsɛʃ(ə)n/

   a period of time when the economy declines

   The country's economic recession was marked particularly by high unemployment rates.

   Synonyms: downturn, decline

   Origin: early 17th century (denoting a temporary suspension of work or activity): from Latin recessio(n-), from recess- ‘gone back’, from the verb recedere (see recede)