Specific impulse (usually abbreviated Isp) is a measure of how efficiently a reaction mass engine, such as a rocket using propellant or a jet engine using fuel, generates thrust. In general, this is a ratio of the impulse, i.e. change in momentum, per mass of propellant. This is equivalent to "thrust per massflow". The resulting unit is equivalent to velocity, although it doesn't represent any physical velocity (see below); it is more properly thought of in terms of momentum per mass, since this represents a physical momentum and physical mass.
The practical meaning of the measurement varies with different types of engines. Car engines consume onboard fuel, breathe environmental air to burn the fuel, and react (through the tires) against the ground beneath them. In this case, the only sensible interpretation is momentum per fuel burned. Chemical rocket engines, by contrast, carry aboard all of their combustion ingredients and reaction mass, so the only practical measure is momentum per reaction mass. Airplane engines are in the middle, as they only react against airflow through the engine, but some of this reaction mass (and combustion ingredients) is breathed rather than carried aboard. As such, "specific impulse" could be taken to mean either "per reaction mass", as with a rocket, or "per fuel burned" as with cars. The latter is the traditional and common choice. In sum, specific impulse isn't practically comparable between different types of engines.
In any case, specific impulse can be taken as a measure of efficiency. In cars and planes, it typically corresponds with fuel mileage; in rocketry, it corresponds to the achievable delta-v[1][2], which is the typical way to measure changes between orbits.
Rocketry traditionally uses a "bizarre" choice of units: rather than speaking of momentum-per-mass, or velocity, the rocket industry typically converts units of velocity to units of time by dividing by a standard reference acceleration, that being standard gravity g0. This is a historical result of competing units, imperial units vs metric units. They shared a common unit of time (seconds) but not common units of distance or mass, so this conversion by reference to g0 became a standard way to make international comparisons. This choice of reference conversion is arbitrary and the resulting units of time have no physical meaning. The only physical quantities are the momentum change and the mass used to achieve it.
The measure of a rocket's fuel effectiveness is called its specific impulse (abbreviated as 'ISP'—or more properly Isp).... 'Mass specific impulse ... describes the thrust-producing effectiveness of a chemical reaction and it is most easily thought of as the amount of thrust force produced by each pound (mass) of fuel and oxidizer propellant burned in a unit of time. It is kind of like a measure of miles per gallon (mpg) for rockets.'