This is the 298th most frequent Russian word.
объем
Volume; capacity; scope; amount.
In this sentence, 'объем' is used to describe the amount of space that the water occupies.
Объем воды в этом сосуде измеряется в литрах.
The volume of water in this vessel is measured in liters.
Here, 'объем' refers to the quantity or capacity of production in a non-physical sense.
Мы увеличили объем производства, чтобы удовлетворить спрос.
We increased the production volume to meet the demand.
In this case, 'объем' metaphorically denotes the scope or extent of knowledge.