The chapter opens with an overview of basic categories within the field of study of lexical semantics. It next presents fundamental concepts related to the lexicon, especially the lexeme as the basic unit of lexicology. It also analyzes the concept of lexical meaning and provides a brief overview of some of the approaches adopted in the study of denotation and connotation. The central part of the chapter describes polysemy and its basic mechanisms – metaphor, metonymy, synecdoche. The examples feature Serbian and other Slavic lexemes exhibiting the richest polysemy. The next section tackles syntagmatic lexical relations, the notion of collocation and the role of context in the study of lexical meaning. Paradigmatic lexical relations are also observed, especially synonymy and antonymy, both true and contextual or quasi-.

Chapter 6 focuses on meaning and the interpretation of language. It contrasts the meaning of words, which we have stored in our mental lexicon and which we refer to as lexical meaning, with grammatical meaning, such as tense and aspect, gender, and number. There is also pragmatic meaning which depends on our knowledge of the world and contextual information. The difference between denotation, connotation, and reference are explored and basic concepts such a synonymy, antonymy, homonymy, etc. are introduced. Prototype theory is analyzed with appropriate examples. The chapter links to syntax by examining subcategorization, including transitive and intransitive verbs, and also thematic roles and their relation to syntactic structure. It presents the difference between sentences, propositions, and utterances, explaining in depth the importance of truth conditions. The chapter presents important concepts of entailment, contradiction, presupposition, and implicature and concludes with a brief discussion on theoretical frameworks such as cognitive and formal approaches to semantics.