The kanji and the word are exactly the same. That means they share meanings as well.
Wondering about how 所 differs from 場所? While 場所 only refers to a physical location, 所 can also refer to an abstract place, such as a point in time, a situation, or a condition. Hence, 所 usually needs some context to clarify what kind of place you are talking about.
Since this word is made up of a single kanji, it should use the kun'yomi reading. When learning the kanji, you didn't learn that reading, so here's a mnemonic to help you with this word:
Here's the place! Either you have to talk or row (ところ). If you talk, maybe you can talk your way out of this problem you're in. If you row, you may be able to escape. Either way, this is the place for it.
a good place
place to eat
place to live
If there’s a spot you don’t understand, please raise your hand.
See you at the same place as last time.
My friend came over just as my mother was doing squats.