Intuitively, I understand that if something is measured in meters, it has the dimension of length, which we denote as $L$. For example, if we take length and time as fundamental dimensions, then velocity has the dimensions of length divided by time, or $LT^{-1}$.
More formally, we can define dimensions in terms of scaling. Suppose we have one system of units and another system of units. The dimensions of a quantity describe how its numerical value changes when we change the units. If we reduce the unit of length by a factor of $L$ and the unit of time by a factor of $T$, then the unit of velocity scales by $LT^{-1}$.
It is clear that we have some freedom in choosing the base units within our system of units. However, what puzzles me is the following:
Are the terms "dimension of time, space,..." just some conventions which is used within out standard system of units, or there exists a more fundemental reason for such notion?