Identify the mode of the following set: 1, 2, 2, 3, 4.

The mode of a set of numbers is the value that appears most frequently. In the given set of numbers: 1, 2, 2, 3, 4, the number 2 occurs twice, while all the other numbers (1, 3, and 4) each occur only once. Therefore, the mode is 2, as it is the only number that is repeated in the set. Understanding the concept of mode is important because it helps in analyzing data sets to find the most common value, which can be useful in various applications, such as statistics and probability.