vertex
The vertex is the single turning point of a parabola — the spot where the curve stops going one way and starts going the other. For an upward parabola it is the bottom of the valley (the lowest point); for a downward parabola it is the top of the hill (the highest point).
If the quadratic is written in vertex form a(x - h)^2 + k, the vertex sits exactly at the point (h, k) — that is the whole point of vertex form. From the standard form ax^2 + bx + c, the x-coordinate of the vertex is h = -b/(2a), and you find k by plugging that x back into the function.
The vertex matters because it pins down the parabola's most important feature: its extreme value. The y-coordinate of the vertex is the maximum or minimum output of the function, which is why vertices show up constantly in optimization problems — the most area, the least cost, the highest profit.
For f(x) = x^2 - 4x + 3, h = -(-4)/(2·1) = 2 and k = f(2) = 4 - 8 + 3 = -1, so the vertex is (2, -1).
Since a = 1 > 0, this vertex is the lowest point and -1 is the minimum value.