Kinetic Energy: The energy an object possesses due to its motion, calculated using $KE = \frac{1}{2}mv^2$ where $m$ is mass and $v$ is velocity.
Potential Energy: Stored energy that an object has because of its position or state, such as gravitational potential energy given by $PE = mgh$ where $m$ is mass, $g$ is acceleration due to gravity, and $h$ is height.
Energy Conservation: A principle stating that the total energy in an isolated system remains constant over time; it can neither be created nor destroyed but only transformed from one form to another.