Quickly Measure Time Taken By Applications To Execute Using Linux Mint / Ubuntu Terminal

Here is a useful Terminal command in Linux Mint / Ubuntu to measure how much time it takes to execute any command or application :
In Terminal window, simply type time <command/application whose execution time needs to be measured>:
Examples :
time pwd
time ls
time gedit
The output displays the time as the actual or real time taken for the command to start and stop, the time from user...