arithmetic - What does the raised $^2$ stand for?

What does the raised $2$ stand for? My first guess was: $4^2$ is $2\times 4=8$?

^{Note: Am not really good at math}

Answer

It is called 'exponent' or 'power'.

Here $4^2$ means $4$ multiplied twice or in other words product of two $4's$. So:

$$4^2 = 4*4 = 16$$
Similarly $7^3$ means $7$ multiplied thrice or in other words product of three $7's$. So:
$$7^3 = 7*7*7 = 343$$
Since you are a starter, you can get more information about it here.