<ul><li>Memoization is a technique used to store the result of a previous execution of a function using the parameters as the key.</li><li>By checking if the memoization object contains a value for a given key, we can avoid running the resource intensive function again.</li><li>Memoization can be beneficial for optimizing calculations, network throughput, and temporary disk space usage.</li><li>However, it is not suitable for non-pure functions or functions with rarely repeated parameters.</li></ul>

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