1. Ratio and proportion are important concepts involving relationships between quantities. A ratio represents the fraction between two quantities, while a proportion exists when ratios are equal.
2. Key formulas and concepts include: the product of means equals the product of extremes; finding fourth, third, and mean proportionals; comparing and compounding ratios; and direct and inverse variation.
3. Examples demonstrate calculating ratios, proportions, and proportionals from word problems involving money, mixtures, and other real-world scenarios.