Answer: A neologism (/niːˈɒlədʒɪzəm/; from Greek νέο- néo-, "new" and λόγος lógos, "speech, utterance") is a relatively recent or isolated term, word, or phrase that may be in the process of entering common use, but that has not yet been fully accepted into mainstream language
The Importance of Neologism. Neologisms remind us that language is not something set in stone, but an evolving body of work, subject to adjustment, deletions, additions, and change. As new things are invented, as slang becomes acceptable, and as new technologies emerge, new words must fill in the gaps in language.
I got most of this information from the Wikipedia.
