The literal meaning of Rabbi is teacher.
From JewFaq (which can sometimes explain things better than I in simpler language):
A rabbi is simply a teacher, a person sufficiently educated in halakhah and tradition to instruct the community and to answer questions and resolve disputes regarding halakhah. When a person has completed the necessary course of study, he is given a written document known as a semikhah, which confirms his authority to make such decisions.
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