STEP-BY-STEP ANSWER:
Step 1: The neuron receives a stimulus that causes depolarization, reaching the threshold level.
Step 2: Voltage-gated Na+ channels open, allowing sodium ions to enter the cell, further depolarizing the membrane.
Step 3: The depolarization initiates a chain reaction along the axon as adjacent voltage-gated channels open.
Step 4: Repolarization follows as voltage-gated K+ channels open, letting potassium ions exit the neuron.
Step 5: The action potential completes its cycle and returns to the resting membrane potential.
Final Answer: The action potential is a self-propagating electrical impulse that travels along the axon through a sequence of depolarization and repolarization events, following the all-or-none principle.