Data structures and algorithms are fundamental concepts in computer science that help in organizing and processing data efficiently. Data structures provide a means of storing and organizing data in a computer so it can be accessed and modified effectively. Common examples include arrays, linked lists, stacks, queues, trees, and graphs. Algorithms, on the other hand, are step-by-step procedures or formulas for solving problems. They utilize data structures to perform tasks such as searching, sorting, and traversing data. Understanding data structures and algorithms is crucial for optimizing the performance of software applications, as they determine how quickly and efficiently data can be manipulated and processed.