Processes can be independent or cooperating. Cooperating processes use interprocess communication (IPC) to share information and resources. There are two main IPC models: shared memory, where processes access a shared buffer, and message passing, where processes send and receive messages. The producer-consumer problem is a paradigm for cooperating processes where a producer process generates information for a consumer process to use. In message passing IPC, processes establish communication links and exchange messages using send and receive operations, while in shared memory IPC processes access shared data in a buffer.