Plain English Meaning
It's the worldwide agreement on how to measure where things are on Earth. Because everyone uses the same model, a latitude and longitude in your GPS matches the same spot on a chart anywhere in the world.
Full Definition
WGS 84 is the global standard reference system used to describe positions on Earth. It defines a mathematical model of the Earth's shape (an ellipsoid), a fixed coordinate framework, and a common reference for latitude, longitude, and elevation. GPS and modern aeronautical charts use WGS 84 so that every position fix refers to the same agreed-upon Earth model.
Context Anchor
Seen in chart legends, navigation database information, and discussions of GPS-based position data.