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Elements in XML consist of start and end tags with content in between, serving as containers for data. Unlike HTML, XML allows users to define their own tags. Start tags begin with "less than" and end with "greater than" characters, with the tag name inside angle brackets. End tags have the same name but with a preceding slash. This differs from HTML, which uses predefined tags for web display. For example, in HTML, a paragraph is defined with a predefined tag, while in XML, users create their own tags for organization.