This document discusses graded potentials and action potentials. It defines graded potentials as local, non-propagated changes in membrane potential that are generated in response to stimuli and can vary in magnitude. Action potentials are all-or-none responses that propagate rapidly along axons when the graded potential reaches threshold. The stages of an action potential including resting, depolarization, and repolarization are described. Properties such as refractory periods and the components that make up an action potential are also outlined.