Actually, "Хорошо" is a short form of adjective "Хороший"(=good). If you use "Хорошо" as a PREDICATE, it would be equal to "it is nice, it is pleasant" (e.g.: здесь хорошо гулять = it is nice to walk here). if you use "Хорошо" as an ADVERB, it would be equal to "well, good, nice" (e.g.: хорошо сказано = well said). And, finally, if you EXPRESS that you AGREE with something, "Хорошо" will be equal to "very well!, all right!, agreed!, OK!, okay!, good!". I hope my answer would help you :)