The Doppler Effect describes the change in frequency or wavelength of a wave in relation to an observer moving relative to the source of the wave. The formulas for the Doppler Effect include variations for a moving observer, moving source, and both moving observer and source. For a moving observer, the formula is F = (1 ± (u/v))f, while for a moving source, it is F = (1/(1 ± (u/v)))f. When both the source and observer are in motion, the formula combines these variables. The discussion also touches on the implications of relativistic effects at high velocities, noting the phenomena of redshift and blueshift based on the direction of movement.