"Falta" is a lack, want, mistake, or absence when used as a noun.
It can also be used as one conjugated form of the verb "faltar," which is "to be missing."
One common use of the word is in the sentence "Me haces falta," which is one way to say "I miss you."
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faltar = to lack
It's used in phrases such as:
'me falta dinero' = I have no money;
'le falta la direccion' = he doesn't have the address
'nos faltan amigos' = we have no friends
(NB plural 'faltan' because 'amigos', the subject in Spanish, is plural)