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What is the meaning of dwarf planet? What is the solar system?

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Hint: The meaning of the word ‘dwarf’ is small size. In case of stars, dwarf refers to a star of relatively small size and low luminosity, including the majority of main sequence stars. The solar system is the name of a galaxy that is centered around the Sun.

Complete Step by Step Solution: A dwarf planet can be defined as a planetary mass object that is neither a true planet nor a natural satellite.
The International Astronomical Union defines a planet as being in orbit around the sun, has enough gravity to pull its mass into a rounded shape (hydrostatic equilibrium), and has cleared its orbit of other, smaller objects. The gravity of a dwarf planet is not sufficient to attract or push away the smaller bodies that would intersect its orbit. It is in direct orbit of a star, is massive enough for its gravity to compress it into a shape which is in hydrostatic equilibrium, but has not cleared the neighbourhood of other material around its orbit. Examples include Pluto, Ceres and so on.
The solar system is defined as the gravitationally bound system consisting of the Sun & the objects that orbit it, either directly or indirectly. Of the objects that orbit the sun directly, the largest are the eight planets, with the remaining being small objects, such as the five dwarf planets & small solar system bodies.

Note: Dwarf planets are worlds that are too small to be considered full-fledged planets, but too large to fall into smaller categories.
In recent years, there's been a lot of hubbub about Pluto losing its status as one of the planets of the solar system. Pluto is no longer considered the ninth planet in the series of major planetary objects, but instead is now just one of the many so-called "dwarf planets." The debate started anew after the New Horizons mission passed by Pluto in 2015, revealing a world of surprising geological complexity.
Astronomers estimate that there could be as many as 200 dwarf planets in the solar system and the Kuiper Belt. But the differences between planets and dwarf planets may not be obvious at first.
There are many planetary systems like ours in the universe, with planets orbiting a host star. Our planetary system is named the "solar" system because our Sun is named Sol, after the Latin word for Sun, "solis," and anything related to the Sun we call "solar."