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Answer:

Myths, stories, legends, folklore, tall tales give valuable insights into how people perceive and think about their world. ... 

Ultimately, studying mythology gives us context into our world, our literature, and our own beliefs. The significance of these myths should not be overlooked, and even a foundational level of study will prove beneficial.

(The difference)
Literature is a body of written works of language, period or culture. ... The typical mythology is the explanation of the universe and its ethology.
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