Asexual reproduction involves a single parent and produces offspring that are genetically identical. It occurs through binary fission in bacteria, budding in yeast and hydra, spore formation in fungi and plants, and vegetative reproduction in plants growing from cuttings or bulbs. Sexual reproduction involves two parents and their gametes, producing offspring with a genetic mix of both parents. Whether asexual or sexual reproduction is better depends on the situation, as asexual reproduction is faster but less adaptable while sexual reproduction creates more variation but takes more time and energy.