Refers to concept of an environment where code is evaluated and executed. This refers to global and function execution contexts, how control is switched between, how binding occurs in context etc.
Execution context is abstract concept of programming and is closely related to executing code itself and order how it will executed (execution stack), how pointers to objects are created and used and how they're divided from each other. Because of abstract nature of concept itself Execution context is closely tied to particular implementation in programming languages (Javascript for example). Check related tags