Explain the difference between #N/A and #VALUE! errors in Excel.

While both #N/A and #VALUE! errors indicate problems with a formula, they have different meanings. #N/A means that the formula cannot find a value it's looking for, often due to missing data or a cell reference that doesn't exist. #VALUE! means the formula expects a number but receives text, or vice versa. Essentially, #N/A is related to data lookup and availability, whereas #VALUE! is related to data type compatibility.