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Whether on your Mac or in a multimillion-dollar Hollywood professional studio, film editing boils down to three tiny tasks: selecting, trimming, and rearranging clips. Of course, that's like saying that there's nothing more to painting than mixing various amounts of red, yellow, and blue. The art of video editing lies in your decisions about which clips you select, how you trim them, and what order you put them in.
At its simplest, iMovie editing works like this: