A flag is a piece of cloth with a design, typically attached to a pole, used as a symbol for a nation, state, or group. Flags can also function as signals, markers, or for other purposes, such as a flag a taxi or a referee's flag in a sports game. 
As a symbol
As a signal or marker
  • Signaling: 
    A flag can be used to signal something to others, like a sailor using a flag for communication or a driver "flagging down" a taxi. 
  • Sporting events: 
    Officials in many sports, like American football, throw a flag to signal a penalty. 
  • General use: 
    The term "flag" can also refer to any marker or indicator, such as a tab on a file or a switch in a computer program. 
As a verb
  • To signal: 
    To "flag" can mean to signal or call attention to something, like "to flag a taxi" or "to flag down a car".
  • To mark: 
    It can also mean to mark something for future attention, like "flagging a document" for review.