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The Specify Parameters screen allows you configure backup options for your HBase cluster, and/or to create the new cluster by restoring from an existing backup.
If you just want to play in the sandbox though, you can disregard the backup options, but make sure to select the Hive and Pig checkboxes in the Install Additional Packages section at the bottom of the screen, then click Continue.
Configure EC2 instances
In the Configure EC2 Instances screen, you'll need to select an Instance Type for your Master and Core Instance groups. Amazon's "m1.large" instance type is the minimum required for an EMR cluster. If you're creating a cluster just for learning purposes, this will be your least expensive and therefore most sensible option. Select it for both the Master Instance Group and Core Instance Group.
With your instance types selected, you now need to set the number of instances in your Core and Task Instance groups. Again, if you're just putting up a cluster for learning purposes, you will want to minimize the resources you're using, so change the Core Instance Group's Instance Count from the default setting of 2 to just 1. Leave the same setting for the Task Instance Group at 0, and click Continue.