As an adjective it describes something that is in no way superior or inferior to the rest of it's kind.
When describing something as average we often mean it performed it's purpose but with no perks.
As a noun an average is a statisical measurement. In short, an average is the most common thing in a group. In a group of animals for instance, the most common animal might be birds.
The Handbag was average, since it served only it's purpose.
The average number of people in wembley stadium during a match is 75,000
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