Meaning of the word "word formation" in English

What does "word formation" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

word formation

US /wɜrd fɔrˈmeɪʃən/
UK /wɜːd fɔːˈmeɪʃən/

Noun

the process of creating new words from existing words or morphemes

Example:
Affixation is a common method of word formation.
Understanding word formation helps in learning new vocabulary.