The Hebrew noun am (עַם) means people, nation, or kinship group. It appears over 1,800 times and is one of the foundational terms of covenant theology. Its theological weight lies in its frequent use for Israel as the covenant people of God — am YHWH, "the people of the LORD."
The formula "I will be their God and they shall be my people" is the heartbeat of covenant theology, repeated from Leviticus 26:12 through Revelation 21:3. God's selection of Israel as His am segullah (treasured people) was not based on merit but on sovereign love. The New Testament extends this covenant community to include all who are in Christ.