Dear student,
Energy possessed by an object due a change in shape or position from the ground is known as potential energy.
TWO TYPES OF POTENTIAL ENERGY:
Gravitational Potential Energy: Energy possessed by an object due to it's height from the ground is known as gravitational potential energy.
Gravitational potential energy= mgh, where m =mass, g is the acceleration due to gravity and h is the height above the ground.
Elastic Potential Energy: Energy possessed by an object due to change in it's shape is elastic potential energy
.Elastic potential energy= Kx, k= spring constant, x is the displacement
Regards