The fraction "⅔" represents two parts out of three equal parts of a whole. It is commonly used in mathematics to describe a portion of something. For example, if you have a pizza divided into three equal slices, eating two slices means you have consumed ⅔ of the pizza. In everyday life, "⅔" can be applied in various situations, such as cooking or measuring ingredients. If a recipe calls for ⅔ cup of sugar, it means you need to use two parts of a total of three equal parts of a cup. This helps ensure accurate measurements for successful cooking.