m is the mass of an object.
g is acceleration due to gravity, which is 9.81m/s^2.
So mg is mass x acceleration due to gravity. It equals the weight of an object. Typically mass is measured in grams and acceleration due to gravity is in meters per second squared, giving the weight in Newtons.
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Most likely the formula for the weight of an object = mass (m)*acceleration due to gravity (g).