Here's a breakdown:
* National: Refers to the United States of America as a nation.
* Aeronautics: The science or art of flight, especially in heavier-than-air aircraft.
* Space: The boundless three-dimensional extent in which objects and events have relative position and direction.
* Administration: The management of an organization, typically a large one.
So, "NASA" is simply a shortened way of saying "National Aeronautics and Space Administration," which reflects the agency's purpose and scope.