Path Selection Tool

The Path Selection* Tool selects and moves (fragments of) existing path's / vector shape mask's segments / anchor points:

• In the Toolbox, select the Path Selection Tool.
• Click on a path or shape component in image window to select it.
• Drag selected path component to move it.
• To delete selected path or shape component press [Delete] key.
• To select 2 or more components shift-click (mouse-click holding [Shift] pressed) on every one.
• While multiple components selected you can align or combine them into a single path using buttons on the Options bar (movie).

*Just in case you didn't know, the Path Selection tool is also available in Photoshop Elements (under the nickname of Shape Selection).

And if you believe, Photoshop Elements lacks some other important feature, be sure to visit this page.