This chapter describes in detail the two key traits of gifted and talented, with major attention given to the limits of their applicability (their extension). The text differentiates both of them from various approximate synonyms, like expert, eminent, prodigy, or genius. In summary, the label “gifted” focuses on an easy and fast learning process, whereas the label “talented” focuses on outstanding achievements. Then the text proposes estimates for the respective prevalence of gifted and talented individuals. Because of the significant correlation between many measures of gifts and talents, the last section addresses the degree of overlap between the two distributions. It reveals that in the case of intellectual giftedness and academic talent, only 20% of all students identified as gifted or talented simultaneously belong to both subgroups. The chapter ends with cautionary notes about two common excesses in talent development documents: elitism and hyperbole.