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Yes, it's good to know the difference.
Mutually exclusive events can't happen at the same time. For example, if you flip a coin, it can't land on both heads and tails at once.
Not mutually exclusive events can happen at the same time. For example, if you draw a card from a deck, it can be both a red card and a heart at the same time.
Understanding this helps in knowing what can happen together and what can't, which is useful in many situations, like playing games or solving problems.