The document discusses the action potential in nerve and muscle cells. It defines action potential as a rapid, brief change in membrane potential from negative to positive and back. The document then summarizes the four phases of the action potential: 1) Resting membrane potential, 2) Depolarization, 3) Repolarization, and 4) Hyperpolarization. It also discusses the refractory periods - the absolute refractory period when a nerve cannot respond to stimuli and the relative refractory period when a stronger than normal stimulus is needed to trigger an action potential.