Final answer:
Potential energy is the term used to describe the energy associated with an object's position, shape, or condition. It differs from kinetic energy, which is the energy an object possesses due to its motion.
Step-by-step explanation:
The energy associated with an object because of the position, shape, or condition of the object is called potential energy. This energy is a function of an object's position relative to other objects or forces within a system, which could include gravitational, electrical, and magnetic fields. For instance, the potential energy of a spring is a specific type of stored energy, where it is quantified based on how much a spring is compressed or extended, following Hooke's Law.
Various forms of potential energy exist such as gravitational potential energy, which is the stored energy of an object due to its height above the ground. Chemical energy is another form of potential energy, stored within chemical bonds. In contrast, kinetic energy is the energy of motion, held by any moving object.