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Point of view refers to the perspective from which a story is told or an argument is presented. It can be first person, where the narrator is a character in the story and uses "I" and "me"; second person, where the narrator directly addresses the reader as "you"; or third person, where the narrator is an outside observer referring to characters as "he," "she," or "they". Point of view can greatly influence the reader's understanding and interpretation of a text.