Waves are disturbances that transfer energy through a medium without transferring matter. There are two main types of waves: transverse waves, where the medium moves perpendicular to the wave motion, and longitudinal waves, where the medium moves parallel to the wave motion. Key properties of waves include wavelength, frequency, amplitude, and speed. The speed of a wave depends on the properties of the medium and can be calculated using the equation: speed = wavelength x frequency. Waves can change direction through reflection, refraction, and diffraction.