Reaction order refers to the power to which the concentration of a reactant is raised in the rate law of a chemical reaction, indicating how the rate of reaction is influenced by the concentration of that reactant. It provides insight into the relationship between the reaction's speed and the concentrations of reactants involved, often determining how changes in these concentrations will affect the rate at which products are formed. Understanding reaction order is crucial for analyzing complex reactions and identifying the rate-determining step, which is the slowest step in a reaction mechanism that dictates the overall reaction rate.