Bloom's Taxonomy classifies educational objectives into three domains: Cognitive, Affective, and Psychomotor. The Cognitive domain contains six levels of objectives - Knowledge, Comprehension, Application, Analysis, Synthesis, and Evaluation. The Affective domain contains five levels - Receiving, Responding, Valuing, Organization, and Characterization. The Psychomotor domain involves physical skills and abilities. Effective teaching requires setting clear instructional objectives, engaging students, using varied teaching methods, and assessing student performance.