What is meant by common in electrical terms?
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A two way switch has a terminal called “Common” because terminals L1 and L2 have it in common (can be at the same electrical potential as it) Generally; two points are said to be common, if they have the same potential (Voltage) in this sense, Neutral and earthing conductors are common (to one another)
Similarly, what is the common in electrical terms?
"Common" implies an arbitrary voltage reference with no connotation about its voltage relative to earth.
Hereof, is the common wire live or neutral?
The faceplate of a single, one-way switch has two terminals: "L1" is the terminal to which the neutral core wire is attached - the blue wire (traditionally black, before the change). "COM" or "Common" is the terminal to which the live core wire is attached - this is the brown wire (formerly red).
The C wire, or “common wire” enables the continuous flow of 24 VAC power to the thermostat. Technically speaking, power flows from the R (red) wire, but not continuously (not on its own, anyway). To make it continuous requires a common wire to complete the circuit.