To predict the chemical formulas of compounds formed from Group 1 and Group 7 elements, one must understand that Group 1 elements typically lose one electron, while Group 7 elements gain one electron. This results in ionic compounds where the charges balance, leading to formulas like NaCl for sodium and chlorine. The discussion highlights the challenge of providing clear explanations without rewriting previous answers, emphasizing the need for collaborative learning. Participants express frustration over the lack of straightforward guidance and the importance of elaboration in responses. Ultimately, the conversation underscores the fundamental concepts of ionic bonding between these groups.