About Query term boosting

Hi. I want to know about Term boosting of Query String query.

If I write query like this (sample query)
Sample query : "elastic^5 OR search OR elasticsearch^6"

query has term boosting with "^" symbol.
and that means a "elasticsearch" is more important then "elastic" and "search".

I wonder that weight mean and How they applyed to query.
and If they have a formula that calculate boost weight with term, announce for me plz.

Thanks.

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