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But those are just the default instructions -- how much space goes between two paragraphs (or between a paragraph and another element on the page) is completely under your control with CSS.
To think of a <p> element as forcing two breaks is not an accurate mental model, although it's a natural enough assumption. There is really only one break, but there is also a margin added onto top and bottom of the invisible "box" that holds the paragraph.
For more information on this great adventure, see the W3C's document about the "Box Model"
[w3.org...]
<p>Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Duis a erat eget neque dignissim imperdiet.</p>
<p class="last">Nam a diam. Pellentesque neque risus, luctus non, laoreet eget, eleifend vel, lectus.</p>
p.last { margin-bottom: 50px; }
<p> <br> or <b> have been deprecated in any current standard. They each have specific meanings: a <p> is a paragraph versus <br> - a simple line-break within an already-defined block-level unit. <b> remains as a non-semantic element which usually triggers a bold typeface. It does not have the exact same sense as <strong> which is a semantic way of indicating emphasis. <span style="font-weight: bold">Text here</span> One thing about the above: you aren't really gaining much here over using
<b>. Neither <b> nor <span> have a semantic meaning, so why not use the shorter <b> instead? I often use <b> or <i> instead of <span>, but with specific CSS styles associeted with them (and not necessarily bold or italic) as then the page is viewed unstyled, the difference shows between the sections of text shown in bold or italic compared to the rest of the text.