An electrical ballast is a device intended to limit the amount of current in an electric circuit. A familiar and widely used example is the inductive ballast used in fluorescent lamps, to limit the current through the tube, which would otherwise rise to destructive levels due to the tube's negative resistance characteristic.
Ballasts vary in design complexity. They can be as simple as a series resistor or reactor, capacitors, or a combination thereof or as complex as electronic ballasts used with fluorescent lamps and HIDs.

Ballast is a dead weight
for maintaining balance/center of gravity in aeroplanes

A lighting ballast is a piece of equipment required to control the starting and operating voltages of electrical gas discharge lights. Examples of gas discharge light sources include fluorescent and neon lights and high-intensity discharge (HID) lamps. The term lighting ballast can refer to any component of the circuit intended to limit the flow of current through the light, from a single resistor to more complex devices.

A lighting ballast is necessary to operate discharge lights because they have negative resistance, meaning they are unable to regulate the amount of current that passes through them. A lighting ballast must be used to control current flow; otherwise the light could fail. Small light sources can use passive components, which require no additional power to operate, as ballasts. An example would be a series resistor that limits the flow of current across its terminals. For high-powered lights, however, a resistor would waste a large amount of electricity, so a more co ...more

Source: Wise Geek

A device that maintains the current in an electric circuit at a constant value and may also provide the starting voltage as in a fluorescent lamp