How to export MySQL database or single table into a file and load it back in

Recently I was working on optimising our internal application at work that is heavily MySQL driven. I was focusing on reworking SQL statements and making sure we are utilizing indexes properly. Modyfing and toying around with tables on live server is less than ideal so I needed a way to reliably and quickly move the data elsewhere so I can steadily experiment and fine tune sql statements and tables. Instead of using available phpmyadmin export options I decided to work directly with mysql which gives you more controll.
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