This is the 352nd most frequent Serbian word.
живе
"Живе" means "live" or "they live" in English, depending on context.
Here, 'живе' is the third person plural present form of the verb 'живети' (to live), describing where certain individuals reside.
Они живе у Београду.
They live in Belgrade.
In this sentence, 'живе' is used in the third person singular present form (likely in poetic or archaic usage), indicating the child experiencing life joyfully in a specific way.
Дете живе срећно у свом врту.
The child lives happily in their garden.
Here, 'живе' is part of an exclamation (similar to 'Long live...') in a formal or ceremonial context, invoking a wish or directive for longevity.