This document explores the nature of numeracy. After a thorough review of various math and numeracy curricular and assessment frameworks and standards documents from adult education, K-12, and community college, the authors discuss the definitions of numeracy. Their analysis identified three major components of numeracy: context, content, and cognitive and affective. All three of these components of adult numeracy are necessary to be numerate, act numerate, and acquire numeracy skills. The article also discusses implications for practice in order to address the components of numeracy.