Final answer:
Potential energy is the energy associated with an object's position or configuration, such as gravitational potential energy due to height or the energy in a compressed spring as represented by ½ kx².
Step-by-step explanation:
Potential energy is the energy an object possesses due to its position, shape, or configuration. This type of energy is dependent on the relative position of an object to other objects with which it interacts. For example, gravitational potential energy is a form of potential energy an object has because of its position in a gravitational field relative to a reference point. The formula for potential energy of a spring, where Hooke's law is applied, is given by the expression ½ kx², where k is the spring constant and x is the distance the spring is compressed or extended. Understanding potential energy is crucial in various fields, including physics and engineering, as it accounts for the energy that is stored and ready to be converted into other forms like kinetic energy.