If you have done Flash development using the Flash Authoring tool, or have done any low level work with the SWF format, then you should be familiar with the concept of symbols. Basically a symbol is a reusable object (graphics, buttons, MovieClip) that can be included in the SWF once, but referenced and used many times.
Flex 4 FXG has a similar concept of symbol, although the actual underlying implimentation is different.