 Solution

Pearlite is a microstructural arrangement of two phases, ferrite and cementite, rather than a single phase. Ferrite is an iron-rich solid solution; cementite is the carbide $\mathrm{F}{\mathrm{e}}_3\mathrm{C}$. A pearlite colony contains alternating lamellae of these constituents formed by transformation of austenite.

A thermodynamic phase has a specified crystal structure and composition range with locally homogeneous properties on the appropriate scale. The word pearlite instead describes how distinct phases are arranged. Its lamellar spacing and orientation can change while the identities of its two phases remain the same.