Lipids can be classified by their structure as simple lipids like fats and oils or complex lipids like phospholipids. They can also be classified based on whether they undergo hydrolysis in alkaline solutions. Lipids are made up of fatty acids and glycerol, forming triglycerides. Fats are usually saturated while oils contain some unsaturated fatty acids. Waxes differ from fats and oils in that they are esters of long-chain alcohols and fatty acids with higher melting points. Lipids serve important functions and have many applications, such as in soaps, foods, and cosmetics.