The term "common difference" refers to the consistent amount that is added or subtracted between consecutive terms in an arithmetic sequence. For example, in the sequence 2, 5, 8, 11, the common difference is 3, as each term increases by 3 from the previous one. Identifying the common difference is essential for understanding the pattern of an arithmetic sequence. It allows for predicting future terms and solving problems related to sequences. In the example above, if you continue the sequence, the next term would be 14, which is obtained by adding the common difference of 3 to the last term, 11.