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“Whitespace,” or “negative space” is the space between elements in a composition. More specifically, the space between major elements in a composition is “macro whitespace.” Micro whitespace, is—yes, you’ve guessed it—the space between smaller elements: between list items, between a caption and an image, or between words and letters. The itty-bitty stuff.
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http://www.alistapart.com/articles/whitespace
Great article on using "whitespace" in your webpages.
Geoserv.