The document defines absolute and local maximum and minimum values of functions. An absolute (or global) maximum is the highest value a function can take over its entire domain, while an absolute minimum is the lowest value. A local maximum/minimum is the highest/lowest value a function takes in the neighborhood of a particular point. The Extreme Value Theorem states that continuous functions on closed intervals attain both absolute maximum and minimum values. Fermat's Theorem provides that local extrema occur where the derivative is 0 or undefined. To find absolute extrema, one evaluates the function at critical points and endpoints.