1. A period of suspension of work, study, or other activity, usually used for rest, recreation, or travel; recess or holiday: "Schoolchildren are on vacation now."
2. Leisure time away from work devoted to rest or pleasure: "Employees working for this company are entitled to two weeks of vacation each year."

"Iva's friends are taking their vacation in Paris next month."

3. A part of the year, regularly set aside, when normal activities of law courts, legislatures, etc., are suspended.
4. Etymology: "Freedom" or "release" (from some activity or occupation), from Old French vacation, from Latin vacationem, "leisure, being free from duty", from vacare, "to be empty, to be free", or "to be at leisure".

Literally, "an empty period"; that is, "a period unoccupied with work or duty".