A monoid is an algebraic structure consisting of a set and a binary operation that is associative and has an identity element. Some key properties of monoids include:
1) A monoid consists of a type A, a binary operation op that combines two values of type A, and a zero value that acts as an identity.
2) The binary operation must be associative, meaning op(op(x,y),z) = op(x,op(y,z)).
3) The zero value must satisfy the identity laws: op(x, zero) = x and op(zero, x) = x.
4) Common examples of monoids include string concatenation