肪 almost never appears alone in modern Chinese — it lives inside the compound 脂肪 (zhīfáng, 'fat'). Knowing 肪 mostly helps you recognize 脂肪 and related medical terms.
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The 月 (flesh-meat) radical signals body tissue, and 方 (fāng) gives the sound. Many flesh-radical characters work this way: 肝 gān (liver), 肺 fèi (lungs), 肠 cháng (intestine).
