Lipids are made of carbon, oxygen, nitrogen, hydrogen and are composed of glycerol attached to three fatty acids. This forms a triglyceride, with the glycerol backbone and three fatty acids chains. Lipids also include phospholipids, steroids, and waxes. Unlike other organic molecules, lipids do not consist of monomers or form polymers. Lipids function in energy storage, cushioning organs, insulation, cell membranes, and producing steroids like cholesterol. There are three main types of fatty acids - saturated, monounsaturated, and polyunsaturated.