What is the function of the 'position' property in CSS?

The 'position' property in CSS is critical for controlling the layout of elements on a webpage. It defines how an element is positioned in relation to its normal flow, its containing block, or other elements. The possible values for this property, such as static, relative, absolute, fixed, and sticky, dictate whether the element should follow the standard document flow, be positioned based on the viewport, or be positioned relative to another element or its initial position.

For instance, setting an element's position to 'absolute' allows it to be placed anywhere within its nearest positioned ancestor, giving developers precise control over the element's location on the page. This capability is essential for creating complex layouts, overlapping elements, or responsive designs that adapt to different screen sizes. Understanding the 'position' property is fundamental for effective CSS styling and layout design.