Slope is a measure used to describe the steepness of a line and can be positive, negative, or zero. It is calculated by taking the rise over the run between two points (x1, y1) and (x2, y2) using the formula m = (y2 - y1) / (x2 - x1). The letter m is used to represent slope. Examples are provided to demonstrate calculating slope between two points and to show what a slope of zero or undefined slope would mean.