Final answer:
An I/O-bound process is limited by input/output operations, often waiting for data transfer, while a CPU-bound process is limited by the speed of the CPU as it focuses on computations.
Step-by-step explanation:
An I/O-bound process is one that spends more of its time doing input/output operations than doing actual computations, meaning it is often waiting for data to be read from or written to a disk or other device. In contrast, a CPU-bound process is characterized by spending most of its time performing calculations or other operations requiring the CPU ('central processing unit'), and therefore its performance is limited by the speed of the CPU rather than the speed of peripheral devices.