A Workspace refers to a group of Workbooks in Microsoft Excel. A Workbook is a file that contains one or more worksheets, and a Worksheet is a collection of cells where you can enter and manipulate data. Therefore, a Workspace is a collection of multiple workbooks that are opened and displayed together in Excel.

Workbooks
A Workbook is an Excel file that can contain multiple worksheets. It acts as a container for organizing and storing data. Each workbook is independent and can be saved separately. Workbooks can be used to store different types of data or related data that need to be kept separate.

Worksheets
A Worksheet is a single sheet within a workbook. It is made up of a grid of cells where you can enter and manipulate data. Each worksheet has a unique name and can have different formats, formulas, and data. Worksheets are used to organize and analyze data within a workbook.

Workspace
A Workspace is a feature in Excel that allows you to group and manage multiple workbooks together. It provides a way to organize related workbooks and switch between them quickly. When you save a Workspace, Excel remembers the arrangement and location of each workbook, making it easy to reopen the entire group of workbooks later.

Benefits of using Workspace
1. Organization: Workspaces help in organizing related workbooks by grouping them together. This makes it easier to find and access specific workbooks when needed.
2. Efficiency: Instead of opening each workbook individually, you can open a Workspace to simultaneously open multiple workbooks. This saves time and makes it more efficient to work with multiple files.
3. Quick Navigation: Within a Workspace, you can easily switch between different workbooks using the tabs at the bottom. This allows for quick navigation and easy referencing of data.
4. Preserving Layout: When you save a Workspace, Excel saves the arrangement and location of each workbook. This means that when you reopen the Workspace, the workbooks will be opened in the same layout as before, preserving your work progress.

In conclusion, a Workspace in Excel refers to a group of Workbooks that are opened and displayed together. It helps in organizing, managing, and quickly accessing multiple workbooks, providing a more efficient way to work with data.