List is used to collect items that usually consist of elements of multiple data types. An array is also a vital component that collects several items of the same data type. List cannot manage arithmetic operations. Array can manage arithmetic operations.

In Python, the term “array” is often used interchangeably with “list.” However, there are some technical differences between Python arrays and lists:

1. Data Type: Arrays in Python are provided by the array module and are homogeneous, meaning they can only store elements of the same data type. Lists, on the other hand, can store elements of different data types, making them heterogeneous.
2. Functionality: Arrays have a fixed size and provide a more limited set of operations compared to lists. Arrays can efficiently perform element-wise operations and mathematical computations. Lists, being more flexible, offer a wide range of built-in methods and operations for manipulation, slicing, appending, and more.
3. Memory Efficiency: Arrays are generally more memory-efficient than lists. They are implemented as contiguous blocks of memory and can store data more compactly. Lists, being more dynamic, require additional memory to handle their variable size and flexible data types.
4. Library Dependency: Arrays require the array module to be imported, while lists are a built-in data structure in Python and do not require any additional modules or libraries.