Standard resolution for web images: 72 ppi (pixels per inch)
Standard resolution for print images: 300ppi
Two types of files to save: jpg/png-- jpg and png files are used for image storage. Jpg uses lossy compression, meaning each time a file is opened and closed it loses some of its quality. Png doesn't use this compression type so you don't lose quality. Png also supports transparent backgrounds. Both types flatten files into a single layer. psd-- psd files are used specifically for photoshop. It basically allows you to continue working on a file, because it saves individual layers instead of flattening them all down into one layer.
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