The term you're looking for is "contextual meaning." So, words can have different meanings depending on the particular setting in which they are used. For example, if you say, "I'm feeling blue," in a literal context, someone might check your skin color to see if you're turning into a smurf. But in a metaphorical context, it means you're feeling sad or down. It just goes to show that words can be as flexible as a gymnast on a trampoline!
The term that refers to the meaning of words in a specific setting is called "context."
The term that refers to the meaning of words in a specific setting is "contextual meaning."
