Newton's laws of motion consist of three fundamental principles: an object at rest remains at rest unless acted upon by an unbalanced force (1st law), force equals mass times acceleration (2nd law), and for every action, there is an equal and opposite reaction (3rd law). The laws explain the concepts of inertia and the effects of various types of friction that resist motion. Understanding these laws is essential for comprehending how forces influence the movement of objects in our daily lives.