Morphology is the study of word formation and interpretation through categories and rules. It has two main goals: to isolate the component parts of words called morphemes, and to determine how words are formed. There are two types of morphemes - bound morphemes that cannot stand alone and free morphemes that can. Words are formed through the combination of free and bound morphemes using various rules of word formation such as inheritance, blending, derivation using affixes, compounding, and the creation of new words from names or brands.