It is the speed you electrical drive device will run when it is just running but has not load.
This would apply to:
a furnace fan motor (or any motor) not connected to the fan
a pump that is running but is not pumping anything
a blender with no mixing container on top
And so on
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the speed decrease if increasing load..in star connection the speed lower
For AC system speed of generator will be decreased and then frequency decrease, if there is no trip the motor load will be automaticaly reduced as Load Power = torque x speed and speed of motor vary acc to frequency. Finally the motor will be run at new lower speed that load = power generation. The other effect is voltage in the system will be decreased and result of lower load consumption
The "full load speed" is the speed at which a motor has been designed to turn - usually measured in RPM (revolutions per minute) - when it is delivering its full rated output power.
Without going into the math, the change in speed increases the torque the motor can supply. The further the motor speed and supply speed are apart (known as the slip), the greater the torque will be.
The slip is proportional to the load torque in an induction motor. This can also be seen as a reduction in speed causing extra current to be induced in the rotor to supply the increased torque.