gouge

[gouj]
noun
1.
a chisel having a partly cylindrical blade with the bevel on either the concave or the convex side.
2.
an act of gouging.
3.
a groove or hole made by gouging.
4.
an act of extortion; swindle.
5.
Geology.
a.
a layer of decomposed rocks or minerals found along the walls of a vein.
b.
fragments of rock that have accumulated between or along the walls of a fault.
verb (used with object), gouged, gouging.
6.
to scoop out or turn with or as if with a gouge: to gouge a channel; to gouge holes.
7.
to dig or force out with or as if with a gouge: to gouge out an eye.
8.
to make a gouge in: to gouge one's leg.
9.
to extort from, swindle, or overcharge.
verb (used without object), gouged, gouging.
10.
to engage in swindling, overcharging, or the like: I bought my clothes there before they began gouging.

Origin:
1300–50; Middle English < French < Late Latin gu(l)bia; compare Old Provençal goja, Spanish gubia; perhaps < Celtic; compare Old Irish gulba sting, Welsh gylf beak, Cornish gilb borer

gouger, noun
ungouged, adjective
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World English Dictionary
gouge (ɡaʊdʒ)
 
vb
1.  (usually foll by out) to scoop or force (something) out of its position, esp with the fingers or a pointed instrument
2.  (sometimes foll by out) to cut (a hole or groove) in (something) with a sharp instrument or tool
3.  informal (US), (Canadian) to extort from
4.  (Austral) (also intr) to dig for (opal)
 
n
5.  a type of chisel with a blade that has a concavo-convex section
6.  a mark or groove made with, or as if with, a gouge
7.  geology a fine deposit of rock fragments, esp clay, occurring between the walls of a fault or mineral vein
8.  informal (US), (Canadian) extortion; swindling
 
[C15: from French, from Late Latin gulbia a chisel, of Celtic origin]

Collins English Dictionary - Complete & Unabridged 10th Edition
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Etymonline
Word Origin & History

gouge
1350, from O.Fr. gouge, from L.L. gubia, alteration of gulbia "hollow beveled chisel," probably from Gaulish (cf. O.Ir. gulban "prick, prickle," Welsh gylfin "beak"). The verb is 1570, from the noun. Meaning "swindle" is Amer.Eng. colloquial from 1826 (implied in plural n. gougers).
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Medical Dictionary

gouge (gouj)
n.
A strong curved chisel used in bone surgery.

The American Heritage® Stedman's Medical Dictionary
Copyright © 2002, 2001, 1995 by Houghton Mifflin Company. Published by Houghton Mifflin Company.
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Example sentences
Farmers raising beef are greedy and know they can get away with price gouging.
He also announced new regulations regarding prescription drugs to prevent price
  gouging.
So perhaps it all comes down to marketing, winning public acceptance, and
  gouging funding out of investors and public coffers.
Price gouging occurs when a business charges a price that is much higher than
  reasonable for products.
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