The word "favorite" has several meanings, depending on its context. It can refer to something that is preferred or liked more than others, such as a person's favorite food or movie. In a broader sense, it can also be used to describe someone's most cherished possession, such as their favorite book or piece of jewelry. Additionally, the word "favorite" can refer to a position of preference or advantage, such as being someone's favorite child or having a favorite seat in a room.