Taxonomy
Bins, Categories, and Tags are a method of labeling content with one or more terms so that content can be found and extracted dynamically for internal organization/sorting.
These may be single words, or phrases of multiple words
They don't currently have any affect on how the content interacts with the front end website. In other words, adding taxonomy won't make the content display differently on the site.
They may be entered by anyone. There are no limitations to what a user may add to a piece of content.
You may select from existing taxonomy types, or type in new ones with the option of creating them in the process:
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