Yes, Wyomingscout is right,whenever it is 0-anything it denotes the Diameter that a circle of that curvature would create. But it is a little more complicated than that because 027 and Standard O Gauge,which is often refered to as 031 because that is the smallest curve in that type, have different profiles.
027 track has a lower rail and tie cross section and has smaller diameter connecting pins and is available in 027, 042, 054 and K Line made 072 curves, in 027 profile. Switches are available in 027 and 042 diverging curves.
Standard O Gauge has 031, 042, 054 and 072 curves as well, and 031 042(IIRC) and 072 switches.
There are other companies besides Lionel that offer track and switches in those as well as other curveatures, such as Gargraves and Ross Custom Switches (RCS) being two of the best known.
When discussing 027 or 031, it is important to know what the context is, are you discussing the actual curvature, or the track profile.
Doug