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Basically, a lake is a stagnant body of water, usually located in a depressed area of land and surrounded by land. Lakes are generally stagnant and have limited water exchange.
Lakes can be natural or artificial. Natural lakes are formed by erosion by glaciers, tectonic activity or rivers. Artificial lakes are formed due to human activities.
A waterfall is a natural body of water where river water falls from a height, and is often called a cascade. Waterfalls are usually found in high altitude areas.
Waterfalls are formed when river water falls from a height onto a gravel or rocky surface. This difference in height affects the flow of the river, resulting in the formation of a waterfall.
Both lakes and waterfalls are important, although the way they are formed is different.
