Lifting & Extracting

Extract
A simple cut in the timeline means you are making a cut in the clips you are putting together. When you cut, the other clips in the timeline you leave a gap between the clips.
A ripple edit is when you cut a clip and do not leave a gap in between the clips. You do this by choosing the clip of your choice and right clicking it. When you ripple delete, the other clips to the right of the deleted clip will move over and make space for the new clip.
Lifting and extracting are two ways to cut a clip at one time. To do this, you select the inpoint and outpoint you want for the clip in the program pannel and click the extract or lift button.
Lifting is like is like cutting, while extracting is like a ripple delete, 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 it made the video flow better.