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This lecture aims to characterize the limit construction as a right adjoint to a certain functor and the colimit construction as a left adjoint to the same functor. The instructor explains the concept of limits and colimits, providing examples and propositions to support the theory. The lecture delves into the relationship between limits, colimits, and adjoint functors, showcasing how these concepts are interconnected in category theory. The instructor demonstrates the process of constructing a functor that relates limits and colimits, emphasizing the importance of natural transformations in this context. The lecture concludes with a proof of the adjoint characterization of limits, paving the way for the discussion on simplicial sets.