Concept:
A three-phase balanced system has three sinusoidal voltages or currents of equal magnitude and frequency.
Step 1: One complete cycle corresponds to:
\[
360^\circ
\]
Step 2: In a three-phase system, the three phases are equally spaced.
\[
\frac{360^\circ}{3}=120^\circ
\]
Step 3: Therefore, the phase difference between any two phases is:
\[
\boxed{120^\circ}
\]