Minterms and maxterms are ways to represent Boolean functions. Minterms are AND terms with all variable combinations, while maxterms are OR terms. There are 2^n minterms and maxterms for n variables. Minterms and maxterms are related, with each minterm being the complement of a corresponding maxterm. Boolean functions can be expressed as the sum of minterms or product of maxterms. The minterms/maxterms used correspond to the 1s/0s in the function table.