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This video explains the most commonly used notations when discussing sets in mathematics. Sets are described as collections of elements, often represented by numbers. While some may criticize using an asterisk to indicate a set, it is acceptable for simplicity's sake in this context. Sets are typically denoted by a name followed by curly braces containing the elements. For example, set A might consist of the numbers 4, 5, and 6. Multiple symbols are used to signify relationships between sets.