The discussion clarifies the distinction between the terms "miscible" and "soluble." "Miscible" specifically refers to the ability of two liquids to mix completely, while "soluble" describes a solid's capacity to dissolve in a liquid. It is noted that both processes involve changes in entropy and energy exchange with the surroundings. While some miscible liquids may release or absorb heat during mixing, the enthalpy changes are generally less pronounced than those observed when solids dissolve in liquids. Examples provided include water and ethanol as miscible, while water and oil are not. The conversation emphasizes that the terms are not interchangeable, as they pertain to different states of matter and interactions. Overall, the key takeaway is that miscibility applies to liquid-liquid interactions, whereas solubility pertains to solid-liquid interactions.