This is one important point missing in the two previous answers.
The "cc rating" of an engine is a volume measure, as previously stated, but it is not the actual cylinder volume. Rather, it is the swept volume of the cylinder, also called the "displacement" of the cylinder. The actual cylinder volume is always somewhat greater than this value because the piston at TDC does not leave zero cylinder volume. The small volume remaining at TDC is called the "clearance volume," the volume available for the early stage of combustion.