what is an exponent

I often call exponents powers as well.  However, we might need to be careful this doesn't confuse anyone when it comes to explaining PEMDAS, where the E is exponent, and P is parentheses not power!

An exponent is used to lessen the work of multiplying the same number a specific number of times.

Ex. 5^3 is the same as 5*5*5. It is easier to write out 5^3. 

Ex. 10^1000 would take forever to write out and solve if it weren't for exponents.

I would usually call an exponent a power.

Good point Alan,

I had not heard of PEDMAS till I was on this forum.

We call it BODMAS   Brackets, powerOf, etc

To me parentheses are only curly 'brackets' and these are rarely used.  

Parentheses is not a word students here would often hear.