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Lit., "or" (aw) - a particle which obviously does not denote here an alternative but, rather, an explanatory amplification, similar to the expression "in other words".
The scenes of the phenomenal world are Signs of the Self-Revelation of Allah, for those who understand and who have the will to merge their wills in His. This they do (1) by praising Him, which means understanding something of His nature, and (2) by gratitude to Him, which means carrying out His Will, and doing good to their fellow-creatures. These two attitudes of mind and heart give rise to various consequences in their lives, which are detailed in the following verse.