For a target keyword made of two words the Local monthly searches shows:
- Broad: 300,000 searches
- Phrase: 250,000 searches
Competition is nil.
Does it mean that -- this many people search for this keyword term in a month?
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No. Use the "Exact" feature. And "Local" in my research leads me to believe it means your country, not your near vicinity.
Google Keyword Tool has a help feature that describes what "Global" means. In my previous failed experiences I no longer even use the Global feature. If you are thinking getting traffic via domain name SEO, and try to aim to a global term, you will be outflanked by the hundreds of more specific domains that will rank higher you.
You want to use exact match when doing research for SEO, the number of searches do reflect the number of searches performed on Google for the month however, broad and phrase match don't just count searches for that specific phrase.
I personally have little trust in the local search volume number, on many searches I perform the local number is larger then the global number (which by definition is impossible unless I'm missing something).