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What is the difference between term and period in meaning distance in time?

Is it possible to use one or both of them when we describe a point in time (We have time till 1st of December so we have to finish the project within this term/period) and when we describe duration (We have two weeks so we have to finish...)?

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up vote 3 down vote accepted

Generally, a term is more rigid and finite than a period.

term:

2a : a limited or definite extent of time; especially : the time for which something lasts : duration, tenure [term of office] [lost money in the short term]

Examples: academic term, term paper, term life insurance, to carry a baby to term

period:

a : a portion of time determined by some recurring phenomenon

Edit to address OP's question edits:

Is it possible to use one or both of them when we describe a point in time (We have time till 1st of December so we have to finish the project within this term/period)

You could say we have a December 1st deadline, so we have to finish the project within this period (between now and December 1st). What you will often see instead of period here is time frame:

: a period of time especially with respect to some action or project


The second part of your question:

and when we describe duration (We have two weeks so we have to finish...)?

...within this period or ...within this time frame are a better fit than term.

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