Final answer:
Kinetic energy is the energy an object possesses due to its motion and is calculated by the formula KE = (1/2)mv^2. Potential energy, termed as stored energy, is relative to an object's position or arrangement. The law of conservation of energy dictates that energy is neither created nor destroyed, only transformed from one form to another.
Step-by-step explanation:
Kinetic energy refers to the energy of motion. This means that any moving object has kinetic energy, regardless of its size or speed. The formula for kinetic energy is KE = \( \frac{1}{2}mv^2 \), where m represents the mass of the object and v represents the velocity at which the object is moving. Potential energy, on the other hand, is often referred to as stored energy. It is the energy that an object possesses due to its position or arrangement. For example, gravitational potential energy is the energy an object has because of its position above the ground, and chemical potential energy is present in the bonds between atoms in a molecule.
When focusing on the aspect of motion, kinetic energy is the relevant term. This is contrasted with potential energy, where the energy is stored and not resulting from motion. In physical processes, these forms of energy can be transformed from one to the other, such as when an object falls and its potential energy is converted into kinetic energy.
According to the law of conservation of energy, energy cannot be created or destroyed; instead, it can only be transformed from one form to another. Therefore, when an object's kinetic energy is changed, it often means it has been converted into potential energy, or vice versa, or transformed into another form of energy such as work.