A shortcut is a keyboard way of carrying out an action within an application rather than using the mouse / menu system.
For example, in Windows based computers, the keyboard shortcut for making a copy is Ctrl-C and the keyboard shortcut for making a paste is Ctrl-V
Applications such as Photoshop or Word have their own specific keyboard shortcuts. It is up to the user to decide whether they are worth learning or not.
Quite often in a GUI menu system, the equivalent keyboard shortcut is shown next to the menu item.
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Click on this link: Photoshop shortcuts