Lagrange Points are specific locations in space where the gravitational forces of two large bodies, like the Earth and the Moon, balance with the centrifugal force felt by a smaller object. This allows the smaller object to maintain a stable position relative to the two larger bodies. There are five such points, labeled L1 through L5. These points are useful for space missions and satellites because they provide stable locations for observation and research. For example, the James Webb Space Telescope is positioned near L2, allowing it to maintain a constant view of the universe while minimizing interference from Earth and the Sun.