Paracord and duct tape are the two classic "fixes almost anything" items that end up in every serious kit, and the honest answer is that most people should carry both — they cover different failures. Paracord is thin, strong nylon rope, the genuine 550 (Type III) version rated to around 250kg, built from an outer sheath and seven inner strands you can pull out for fine cordage. Its job is anything that needs to be tied, tensioned, hung, lashed or pitched: a tarp shelter, a washing line, a broken zip pull, replacement laces, a splint lashing, or gutting the inner strands for fishing line and sewing thread.
Duct tape is the opposite skill set: it sticks, seals, patches and bundles. It closes a split, holds a dressing, waterproofs a torn jacket seam, tapes a hotspot before it becomes a blister, mends a leaking pipe well enough to get by, and bundles loose kit together. Where paracord flexes and ties, tape grips flat surfaces and fills gaps. Neither replaces the other — you cannot lash a ridgeline with tape or seal a rip with rope — which is why the field-repair section of a good kit almost always has both.