deficit vs shortage

deficit and shortage both are nouns.

Word	Noun	Adjective	Verb	Adverb
deficit	Yes	No	No	No
shortage	Yes	No	No	No

As nouns, deficit and shortage are synonyms defined as:

deficit and shortage: the property of being an amount by which something is less than expected or required

Other synonyms of deficit include shortfall.

deficit (noun)	shortage (noun)
the property of being an amount by which something is less than expected or required	the property of being an amount by which something is less than expected or required
an excess of liabilities over assets (usually over a certain period)	an acute insufficiency
(sports) the score by which a team or individual is losing
a deficiency or failure in neurological or mental functioning