Speaker A: It's an interesting plan.
Speaker B: That's a word for it.
What's the meaning of that expression? (that's one word for it)???
Yes, but it's not a standard expression. Standard is that's one word for it.
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Yes, but it's not a standard expression. Standard is that's one word for it.
Speaker A: It's an interesting plan.
Speaker B: That's one word for it.
Speaker B is making a (usually sarcastic) comment on the word "interesting." (Meaning that he would describe the plan by a different word, like "harebrained.")