The fraction "⅓" represents one part of a whole that is divided into three equal sections. In this case, if you have a whole item, such as a pizza, cutting it into three equal slices means each slice is one-third of the entire pizza. In mathematical terms, "⅓" can also be expressed as a decimal, which is approximately 0.333, or as a percentage, which is about 33.33%. This fraction is commonly used in various contexts, such as cooking, where a recipe might require one-third of a cup of an ingredient, like sugar.