I'd say looseness or bagginess through the thighs and sometimes hips and calves. I usually see slouchy pants in drapey material like silk or rayon or viscose, but they can also be wool or other stiffer materials like cotton. They frequently have pleats or gathers around the waist, but they don't have to.
Some examples, below. 1-3, 3.1 Phillip Lim; 4-5, Narciso Rodriguez; 6, street shot from stylesightings.com; 7-9, compilations of runway and celeb pics; 10-15, from zara.com; the rest from stylesightings.com, illustrating some different materials (leather, plaid, cotton).
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