Toxicity refers to the degree to which a substance can harm humans or animals. Factors such as dosage, exposure duration, and the individual's health condition impact the severity of toxic effects. Acute toxicity involves rapid onset of symptoms following a single exposure, whereas chronic toxicity results from prolonged exposure to lower doses of a toxin. Toxicologists use concepts like LD50 (lethal dose for 50% of the population) to quantify a substance's toxicity.