Morphology refers to the study of how words are created in a language. There are two main word formation processes: inflection and derivation. Inflection involves changing the base form of a word through processes like adding suffixes to change the word's grammatical function. Derivation involves processes like compounding, blending, clipping, and affixation to form new words. Some common word formation processes in English include coinage, borrowing, compounding, blending, clipping, backformation, conversion, and affixation through the use of prefixes and suffixes.