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Theory:

Abbreviation:
The abbreviation is usually defined as something being shortened. An abbreviation is a way of writing down a word that is much shorter than its full version. For example, the abbreviation for the number "12" is "twelve".
  • In the above definition, it is stated that: Abbreviations are used to reduce the amount of time it takes to write something down. For example, if you are writing an email, it might be appropriate to use abbreviations (shorten some of the words). You may also use abbreviations to make something more friendlily. For example, a web address (e.g. www.example.com) might become www.ex.com for you.
  • Finally, many abbreviations are used for the sake of brevity and convenience and often confuse people.
  • The use of abbreviations is considered polite when addressing people with whom one has limited familiarity or who are of a higher status than oneself, especially in business contexts; however, they are also sometimes used when speaking informally with friends or family members, such as when talking on the phone or over the Internet, and may even be considered impolite in these cases.
Acronyms:
An acronym is a word formed by taking the first letter of each word in a sentence or group of words.
An acronym can have a negative or positive connotation, and it may be used as a negative term when there are competing terms or when it is used in place of a long or technical word. This can lead to a reduction in the prestige of the word.
 
On the other hand, acronyms are used in many professions as the most simple and commonly used mode of communication. Thus, it is useful and even essential for a person to learn acronyms. An acronym is easy to use and memorise as it is usually created by taking the first letter of each word of a phrase or sentence. For example, "DIA is a Latin abbreviation for Department of the Interior."
 
Contraction:
A contraction is a word that is reduced to make a shorter, more concise version.
For example, the word “favour” can be shortened to “fav” and 'm is short for I am. "He's not my son", "It's not my bag", "We've been doing that project".