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The degree of a polynomial is the highest degree of its terms when the polynomial is expressed in its canonical form consisting of a linear combination of monomials. The degree of a term is the sum of the exponents of the variables that appear in it.
Term 2y has the degree 1. Term 1 has the degree 0. As the highest degree we can get is 2 it is called Quadratic Polynomial. Degree 3 - Cubic Polynomials - After combining the degrees of terms if the highest degree of any term is 3 it is called Cubic Polynomials.