Plain English Meaning
The speed at which the airplane needs the smallest throttle setting to hold altitude. Fly slower or faster and you'll need more power to stay level.
Full Definition
The airspeed at which an airplane in level flight requires the least amount of engine power to maintain altitude. Below this speed, more power is needed to stay level because induced drag rises sharply; above this speed, more power is needed because parasite drag rises. It marks the bottom of the power-required curve and lies on the slow side of the airspeed range, in the region of reversed command.
Context Anchor
Seen when learning how changes airspeed and how much power is needed to hold altitude.