The equation y - y₁ = m(x - x₁) is known as the point-slope form of a linear equation. In this formula, m represents the slope of the line, which indicates how steep the line is. The variables (x₁, y₁) are the coordinates of a specific point on the line, allowing you to find the equation of the line when you know its slope and a point. This form is particularly useful in algebra and geometry for quickly writing the equation of a line when you have a point and the slope. By rearranging the equation, you can also convert it to the slope-intercept form, y = mx + b , where b is the y-intercept. This flexibility makes the point-slope form a valuable tool in mathematics.