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 over 100 different types of fatty acids that can be classified as either saturated or unsaturated. Saturated fatty acids have no double bonds between carbon atoms, while unsaturated fatty acids contain one or more double bonds. Lipids include fats, waxes, phospholipids, glycolipids and steroids. They serve important functions like energy storage, insulation, cell structure and transport. The main classes of lipids are simple lipids like triglycerides and waxes, and complex lipids including phospholipids, glycolipids and steroids.