A compact space is a type of topological space where every open cover has a finite subcover. This concept is vital as it encapsulates the idea of 'boundedness' and 'closedness', ensuring that certain properties hold true, like continuity and convergence. Compact spaces are fundamental in analysis and topology since they allow for powerful results such as the Extreme Value Theorem, which states that a continuous function attains its maximum and minimum values on a compact set.
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