The cubic metre (or cubic meter; US spelling) is a unit of volume and is derived from an SI unit with the symbol m³.
1 cubic metre is exactly 1000 litres. It is also ≈ 6.29 barrels, ≈ 220 imperial gallons and ≈ 35.3 cubic feet.
1 cubic metre of water in normal conditions (≈4 °C) weighs exactly 1000 kg (or 1 tonne).)
The cubic metre is the unit used to measure water usage and often water bills are broken down into how many m³ has passed through the property / business.
The acre-foot is a unit of volume in the US customary unit system with the symbol ac⋅ft.
It represents the volume contained in a box measuring 660 feet long, 66 feet wide and 1 foot deep. This can be thought of a box the size of an acre but 1 foot deep.
It is approximately the same volume as an 8 lane swimming pool; 25 metres in length, 3 metres deep and 16 metres wide (assuming lanes are 2 metres wide).
It is still used in the US despite its links to the much-outdated imperial system of units. For example a "rule of thumb" is that an average suburban family's annual water usage should be around 1 acre-foot. This is equal to just under 3.4 m³ daily.