The F number is the ratio of the focal length of the lens to the diameter of the aperture. So with a 50mm: F2 lens the diameter of the aperture is 25mm.
For a 50mm: F1.4 the diameter is a tad over 35mm. A 300mm F2.8 is 107mm, while a 300mm: f5.6 is only 35mm.
The larger the diameter of the aperture lets in more light, so you can use a faster shutter speed or a lower ISO.