Fatty acids are long chain organic acids that are the building blocks of lipids. They contain a carboxyl group and a long hydrocarbon tail. There are different types including saturated, unsaturated, and branched fatty acids. Lipids include fats, oils, waxes, phospholipids, glycolipids and steroids. They serve important functions like energy storage, insulation, cell structure, and transport. Lipids can be classified as simple or complex. Simple lipids include neutral fats and waxes. Complex lipids include phospholipids, glycolipids and steroids. Fatty acids and lipids have properties like melting point, hydrolysis, hydrogenation, and rancidity. Tests like iodine