For example, is it:
* A red light? Red usually indicates a serious problem requiring immediate attention, such as low oil pressure, generator/alternator failure, or overheating.
* An amber/yellow light? These often indicate something that needs attention soon, but isn't necessarily an immediate emergency. This could potentially include things like a turn signal malfunction if the car had such a warning light, though this was less common in that era.
* What symbol, if any, is on the light? A visual indicator (like a battery symbol, oil can, or temperature gauge) is crucial for proper diagnosis.
Without knowing the color and symbol of the light, it's impossible to determine its meaning. Consult your owner's manual (if you have it) for a diagram of the dashboard lights and their meanings. If you don't have the manual, searching online for a "1973 Chevrolet Impala dashboard light diagram" might help.