What are the key differences between insertion sort and quick sort in terms of their efficiency and performance?

Insertion sort is a simple sorting algorithm that works well for small lists, but its efficiency decreases as the list size grows. Quick sort, on the other hand, is a more efficient algorithm that works well for larger lists due to its divide-and-conquer approach. Quick sort has an average time complexity of O(n log n), while insertion sort has an average time complexity of O(n2).