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Margin
Margin is the space around a component's border, while padding is the space between a component's border and the component's content. Put another way, the margin property controls the space outside the component, and the padding property controls the space inside the component.

In web development, this is referred to as the "Box Model", you can learn more about this here.
CSS
This option allows you to provide any valid CSS value. For example 12px, 1.5em, calc(100vw - 50px) etc. Numerical values will be treated as pixels.