In the context of Ethereum and other blockchain platforms, the gas limit and gas price are two critical components that determine the cost and execution of transactions and smart contracts.

The gas limit is the maximum amount of computational work that a transaction or smart contract execution can consume. It acts as a cap on the amount of gas a user is willing to spend on a given operation. If a transaction requires more gas than the set limit, it will fail, but the user will still incur a cost for the gas used up until the failure. Setting an appropriate gas limit ensures that the transaction can be successfully processed without running out of gas.

On the other hand, the gas price is the amount a user is willing to pay per unit of gas. It is measured in gwei (a fraction of Ether). The gas price determines how quickly a transaction will be picked up by miners. Higher gas prices incentivize miners to prioritize the transaction, leading to faster confirmation times. Conversely, a lower gas price might result in slower transaction processing as miners might prioritize transactions that offer higher fees.

In summary, while the gas limit defines the maximum computational effort allowed for a transaction, the gas price sets the cost per unit of that computational effort. Together, they influence both the execution feasibility and the speed of transaction processing on the blockchain.