What does it mean?
Gear ratios allow vehicles to achieve high speeds and climb steep mountains. When referring to the transmission, the gear ratio is the difference between input speed and output speed. So, if the input speed is 2 rpm and the output speed is 4 rpm the gear ratio would be 2:1 (said: 2 to 1). These gear ratios are the gears in your transmission. Same principal that is in a bicycle, gear ratios allow you get up steep hills with minimal force and achieve high speed with minimal force .
In the code itself, it state the error is in 1st. They are referring to the 1st gear of the transmission. Often times, there are speed sensors at the input and output of the transmission. The ECM uses these sensors, to compare speeds and insure accurate gear ratio is present in 1st gear. Once the ECM determines the gear ratio to be outside of specified valued, it illuminates the check engine light in the dash accompanied with this code.