Debajo "below" is an adverb, indicates an object position referring to other.
Abajo "down" is an adverb too, we usually write "abajo" to talk about places.
2014年12月2日
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Let me add something: if you are indicating the position of something, debajo y abajo can be interchangeable, and in English they can be translated as 'under'. 1. Abajo de la mesa, 2. Debajo de la mesa -> 'under the table'.