A default (an accent on "o") is 1) the inability to pay on debt obligations. When a company, a bank or an entire state can not find the means for another loan payment, it (or it) declares a default. This means that creditors can sue the company for bankruptcy in order to get all their debt or at least some of it.
And 2) the settings of the program "default settings" , that is, set by the developer, and not by the user. Sometimes such parameter values are called "default". In this sense, this word is used, mainly in the environment of programmers and program testers.
The default is in the list: Finance