There’s different opinions on this subject, here’s mine.
My opinion is based on how i understand PHP code and how i write and use it.
Argument or $args
Generally, a argument is the combination of a parameter and a value like this:
posts_per_page => '5'
Where posts_per_page is the parameter or key, 5 is the value and the combination is the argument or 1 of the $args.
Parameter
The parameter in this case is:
posts_per_page
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