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A few common machine learning terms include the following:

Classification: Generates a model that predicts discrete categories for new, unseen data. It may involve two or more categories

Regression: Generates a model that predicts continuous values along a number line for new, unseen data

Dimension or Feature Reduction: Identifies the most important (or potentially new) features/dimensions/variables for a data set

Clustering: Identifies groups in an N-dimensional feature space

Supervised vs. Unsupervised ML