For a 32-bit "single-precision" floating point number, we have 24 (23 stored + 1 implicit) of these mantissa bits to work with. That means in the range \$[2^n, 2^{n+1})\$ we have \$2^{24}\$\$2^{23}\$ representable numbers, spaced \$2^{n-24}\$\$2^{n-23}\$ apart.
If we try to store a number that falls between two representable numbers, it gets rounded to the nearest one, making an error of up to \$2^{n-25}\$\$2^{n-24}\$. That could, for example, nudge an object or vertex or camera position a little to the left or to the right of where it's supposed to be. This answer includes a table of what relative precision we have at various ranges from the origin.