Rendering in Adobe Premiere CS6 and defining extensibilities

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I am just new in my freshly bought software Adobe Premiere CS6. What is the meaning of Dynamic Link? What is the importance of it in video editing? What do you mean by smart rendering? What do you mean by GOP MPEG2? What is XDCAM Ex file? What is the importance of it in this video editing software? What do you mean by MXF rendering? What does MPEG2 stands for? What does MP3 stands for or even MP4? What are AVCI50/100 codec?

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