Yes. It means that the gun is only capable of firing one bullet per single action of the trigger, and automatically re-cocks itself for you after you fire.
Fully automatic means a firearm that can shoot multiple rounds per single action of the trigger – i.e. a gun that keeps firing as long as you hold the trigger down. This is also the legal definition of what a “machine gun” is.
Also, a “sub-machine gun,” in case you ever wondered, is a machine gun that shoots pistol caliber bullets rather than rifle caliber.
Also pump-action weapons. I’m pretty sure if semi-auto weapons disappeared tomorrow everyone would still have ARs, they’d just replace the gas tube with a push rod and convert it to pump action.