This is the 523rd most frequent Russian word.
значит
"Means" or "signifies."
In this sentence, 'значит' is used to indicate a clarification or conclusion based on previous statements.
Это значит, что нужно подождать.
This means that we need to wait.
'Значит' here is used as part of a question to inquire about the significance or interpretation of something.
Что это значит?
What does this mean?
'Значит' in this instance serves to connect two clauses, showing a logical consequence or deduction.