R-selection refers to species that live in unstable environments and produce many cheap offspring, while K-selection refers to species that live in stable environments and produce few expensive offspring. Key differences are that r-selected species have highly variable populations with early reproduction and many offspring, while K-selected species have small populations with a higher risk of inbreeding and later reproduction after parental care. Characteristics of r-strategists include small size, low energy per offspring, short lifespan and multiple reproduction, while K-strategists have the opposite traits. The terms r and k come from the logistic growth equation.