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Projects and Contexts are two separate axes for organizing your work. Projects are "why" you are doing the thing. Contexts are more about "how/when/where/with whom" you will get it done.

The Inbox is sort of the "This has no project" project. Everything starts there by default, so that you can find things that have no place yet. Some folks leave all their one-off tasks in the inbox until completed. Others find it useful to create a project whose type is "Single Action List" and put those one-off tasks there.

For example, I have a single action list for "Sporadic Household Chores". That tells me these are all things I need to do for my family, not for work.

Some of these actions belong in my home context ("Put away patio furniture"), some of them actually happen elsewhere ("Buy lightbulbs"), but all of them are for the benefit of my household.