Traditionally, a caret (^) is a mark used by editors to indicate that some text is meant to be inserted at that position. The blinking cursor that many text input systems use is a caret.

More generically, we can extend this principle to make a caret some mark that represents positional information. For instance, in a scroll bar, the "elevator" is known as a caret to many people. The mouse cursor is also a caret, but not as a representation of the data model by the system, but as a representation of the user's intention to the system (and herself through visual feedback).

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