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In this video tutorial, the key features of calculated fields and calculated items in a pivot table are explained. Calculated fields are formulas that refer to other fields in the pivot table, while calculated items refer to other items within a field. Fields are the column headers in the source data, and items are the categories in each field. To illustrate this, a pivot table is inserted, and products are dragged to rows to show the items within the product field. Sales are then dragged to values, and Excel sums the sales of each product.
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