To absorb is to take in or suck up like a sponge. If you don't hear your mother calling because you are reading, you could say you were absorbed in the book.
If your parents buy groceries for a party you are throwing and don't make you pay, you could say that they decided to absorb the cost of the food. Young minds absorb information easily. The word, absorbent, describes something that is capable of absorbing something else. When you go swimming on a chilly day, it's best to carry an absorbent towel so that all of the water is absorbed from the surface of your skin.