You ever play the game Guess Who? You get to ask a series of yes/no questions to identify one person among 24. On average, the best questions will eliminate half the available characters from 24, to 12, to 6, to 3, to 2, then finally 1. Meaning you should be able to win in 5 questions.
So we would say, then, that this system has 5 bits of information. Information is basically the number of yes/no questions you would need to completely specify all of its properties.
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