Like terms contain the same variables raised to the same powers and can be combined by adding or subtracting their coefficients. This document provides examples of adding and subtracting polynomials by combining like terms such as x^3, 2x^2, and -x^4. It also gives an example word problem where a ribbon is originally 32 inches long and the same length is cut from each end, with the expression 32 - 2x used to represent the length of the shorter ribbon.