Can someone explain what a food processor does?

So, I have been getting a bit more into cooking and baking lately. I have what I would consider a little more than the bare-bone "basics" in my kitchen, but by no means do I have every gadget and tool out there. Since I have been doing more cooking, I am looking at getting a few more tools and one thing I... show more So, I have been getting a bit more into cooking and baking lately. I have what I would consider a little more than the bare-bone "basics" in my kitchen, but by no means do I have every gadget and tool out there. Since I have been doing more cooking, I am looking at getting a few more tools and one thing I have always wondered about is a food processor. From what I can tell, they do the same basic functions as a mandolin slicer, cheese grater and food chopper, just in one unit. Am I correct in that, and if not, what exactly do they do? Are they actually worth having when you already have tools to chop/slice/grate? If so, what is a good SMALL unit (it's just me and my husband)?
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