Internal validity refers to whether the observed effects in an experiment can be attributed to the manipulation of the independent variable rather than other factors. Key factors influencing internal validity include controlling extraneous variables, randomization, experimental design, pre-testing and post-testing, placebo effects, and blinding. External validity concerns the generalizability of findings to other populations, settings, and times. Factors impacting external validity include population characteristics, sampling method, setting and context, timeframe, ecological validity, and cross-cultural considerations. Balancing internal and external validity is often a trade-off, so researchers must design experiments to achieve the right balance based on their research goals.