Group: A group is a set of elements with a binary operation that satisfies four axioms: closure, associativity, existence of an identity element, and existence of an inverse element.
Ring: A ring is a set of elements with two binary operations (addition and multiplication) that satisfy eight axioms, including the existence of additive and multiplicative identity elements.
Inverse Element: An inverse element is an element that, when combined with another element using a specific operation, results in the identity element for that operation.