Meaning of the word "in the region of" in English

What does "in the region of" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

in the region of

US /ɪn ðə ˈriːdʒən ʌv/
UK /ɪn ðə ˈriːdʒən ɒv/

Phrase

approximately; about

Example:
The cost will be in the region of $500.
We expect the attendance to be in the region of 10,000 people.