Final answer:
Exponential growth occurs when a population or quantity increases at an accelerating rate, while exponential decay describes a decrease in population or quantity at a decreasing rate.
Step-by-step explanation:
Exponential growth and exponential decay are two mathematical models that describe how populations or quantities change over time. Exponential growth occurs when a population or quantity increases at an accelerating rate, resulting in a J-shaped curve. This occurs when resources are unlimited and there are no limiting factors. On the other hand, exponential decay describes a decrease in population or quantity at a decreasing rate, resulting in a curve that approaches zero but never reaches it.
For example, in biology, the growth of a bacteria population can exhibit exponential growth when it is provided with an unlimited amount of nutrients and optimal conditions. As the population grows larger, the growth rate increases, leading to a J-shaped curve. However, when resources become limited or when predators start preying on the bacteria, the population may experience exponential decay, with a decreasing growth rate and a curve that approaches zero.