Extreme points are points where a function attains its maximum or minimum value. To find the extreme values of a function f(x), take the derivative f'(x) and set it equal to 0, then solve for x to find the x-coordinates of local maxima and minima. The y-coordinates are found by evaluating the original function f(x) at those x-values. A minimum value is the lowest y-value of a function, while a maximum is the highest y-value. Functions can have multiple or infinitely many maxima and minima.