In everyday life
A kitchen keeps one recipe card for its house sauce, and every cook uses it. If each cook kept a private copy, a change to the recipe would reach some plates and miss others.
One case
A shop’s phone app works out sales tax in 4 places: the cart, the checkout, the receipt and the refund screen. Each place has its own pasted copy of the math. On 1 July the rate goes from 8% to 9%. A developer updates 3 copies and misses the fourth. Refunds still use 8%, so a customer who paid $109 for a $100 order gets $108 back.
Every case
Code that does one job should live in one place, under one name. Then a change to that job is one edit, and every place that calls it gets the change. Pasted copies drift apart: each copy is one more place to forget. A good name also lets a reader skip the inside, because the name already says what the code does.
The word
Engineers call this
Give each job one named home, and call it from everywhere that needs it. When you are about to paste the same logic again, make a home for it instead.