It is basically copying and learning how to do something through copying. (ELI5)
Reverse engineering is, generally, a bit more sophisticated than simple counterfeiting – ie making an identical or very similar copy of a product and passing it off as your own.
It implies taking apart someone else’s product and trying to understand the basic methods and principles of how that product works. This knowledge can be used to improve your own product or design techniques.
Reverse engineering can be used more strictly to technology or technology related parts but it is generally used in a more broad form.
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