When you are slacking off, it usually means you are being lazy and not doing what you are supposed to be.
ex: I slacked off in class today and missed what the teacher said about the test, because I was too busy passing notes back and forth to my friend.
definition: 1. Moving slowly; sluggish: a slack pace. 2. Lacking in activity; not busy
No slacking: Keep busy, pay attention
No slacking off!: You better pay attention and keep busy or else.
I hope this helps you Nozturk! The above answer is correct as well :)