The action of pacing out or measuring; a space that is paced or measured out.
From compass (in the sense of 'to pace') + -ment (suffix forming nouns of action or result). Related to the verb compass meaning 'to encircle' or 'to accomplish'.
This is an archaic word that sounds like it should be common—it describes the practical act of surveyors measuring land, yet modern English abandoned it in favor of simpler terms like 'measurement' or 'survey,' showing how specialized vocabulary fades when general terms suffice.
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