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What does billion mean?

Looking for the meaning or definition of the word billion? Here's what it means.

Numeral
  1. (US, modern British & Australian, short scale) a thousand million: 1 followed by nine zeros, 109; a milliard
  2. (dated, British & Australian, long scale) A million million: a 1 followed by twelve zeros; 1012
  3. (plural) A very large number.
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Examples
Today I read the article about the world population approaching six billion.
The U.S. consumes about 650 billion barrels of jet fuel per year, which is about 10 percent of our annual oil consumption.
Of course, the chances of this happening by accident are literally a hundred million billion to one.
The world's largest media company, the parent of CNN is saying it earned almost a billion dollars in the first quarter.
It could also reduce food wastage which is estimated to cost at least 10 billion yuan every year.
Do you think the company could string things out long enough for the fine to reach a nice, round billion dollars?

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