The term "monotonic" refers to a function or sequence that consistently increases or decreases without any fluctuations. In a monotonic increasing function, as the input values rise, the output values either increase or remain the same. Conversely, a monotonic decreasing function sees the output values decrease or stay constant as the input values rise. Monotonicity is an important concept in mathematics and statistics, particularly in calculus and data analysis. It helps in understanding the behavior of functions and sequences, making it easier to analyze trends and patterns in data sets, such as those found in economics or science.