What does bundle exec rake mean?

What does bundle exec rake db:migrate mean? Or just bundle exec rake <command> in general?

I understand that bundle takes care of maintaining things in the Gemfile. I know what the word “exec” means. I understand that rake maintains all the different scripty things you can do, and I know that db:migrate is one of those. I just don’t know what all these words are doing together. Why should bundle be used to execute rake to execute a database migrate?

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