Polysemy refers to a single word or phrase that has multiple meanings or interpretations. For example, the word bank can mean the financial institution where people deposit money or the side of a river. This phenomenon occurs in many languages and is a natural part of linguistic evolution. Understanding polysemy is important for effective communication, as context often determines which meaning is intended. Misinterpretations can arise if the context is unclear, leading to confusion. Linguists study polysemy to better understand how language works and how meanings can shift over time.