Single inheritance allows a subclass to inherit properties from a single parent class. The parent class is known as the base class while the subclass is known as the derived class. An example program demonstrates single inheritance by defining a base class "first" with integer properties "a" and "b", and a derived class "second" that inherits from "first" and adds an integer property "c". The program gets user input for "a" and "b", displays their values, and calculates the sum stored in "c".