In John 3:16, does “the world” refer to the elect or to fallen humanity?

As beloved and memorable as John 3:16 is, this verse is sometimes the subject of debate. What does it mean that “God so loved the world”? From one of our Ask Ligonier events, Sinclair Ferguson identifies “the world” in this passage.

Do you have a biblical or theological question? We invite you to ask Ligonier.