Choosing an attribute set is one of the first things you do when creating a new product. The attribute set is like a template for the product, and determines the fields that make up the product record.
Your store comes with an initial attribute set called “default” that contains the most commonly-used attributes. You can modify the default attribute set by adding or removing attributes, or use it as a starting point to create a new attribute set. For products that require specific information, you can create a specialized attribute set that includes the attributes that are needed to describe the product.
An important concept to understand is that a single attribute can be used in multiple attribute sets. For example, the attribute “color” might be used in the attribute sets for clothing, furniture, paint, and so on.
In the attribute set, individual attributes are organized into groups, which are represented as tabs in the Product Information panel. Therefore, the attributes in the Price group are the same as the fields on the Price tab.