Editing Clips in the Timeline: Deleting, Lifting & Extracting Clips Workshop

A simple cut in the timeline means that you right-click the clip you want to remove, and select "Cut". When you cut, the other clips in the timeline remain, but the space where the clip you cut is left, empty.
A ripple edit is when you delete a selected clip, and no gap is left behind, in between your other remaining clips. You do this by right-clicking on the clip you want to remove, and clicking "Ripple Edit". When you ripple delete, the other clips to the right of the deleted clip shift over, leaving no gap in between the clips. The remaining clips close up the gap where the deleted clip previously was.
Lifting and extracting are two ways to delete portions of clips, yet keep the remaining parts at one time. To do this, you select in and out points (the portion you want to delete), on your selected clip. You then click on the "Lift" button on the program panel to delete your selected portion, AND leave a gap. To delete a selected portion of a clip and shift the other clips over, you select your in and out points, and then select the "Extract" button on the program panel.
Lifting is like a "Cut" in the timeline, while extracting is like a "Ripple Edit" in the timeline, in terms of what happens to the other clips in the timeline.
This is an example of an extracting edit. I decided to extract the two clips where I did because I thought it would allow the clips to flow a little better together, instead of having unnecessary time in the videos where nothing extremely important was going on.