LAG, TAG and other player types

Can someone please explain to me some of the different player types, like LAG, TAG, passive ect. What are the advantages and disadvantages? When would you want a LAG or a TAG image, or do players just fall into one of those player types over time? What do you look for to identify these types of players? What other player types are there as well?

TAG - Tight hand standards, AGgressive
LAG - Loose hand standards, AGgressive

So typically, TAGs play fewer hands (both pre & postflop). Their winnings consist more of showing down solid hands & catching bluffs. A TAG style is very straightforward, which leads it to being the easiest way to be profitable at microstakes games. However, thier game can be sort of predictable.

LAGs play more hands, and try to profit from higher non-showdown winnings & their loose image. So LAGs generally steal more preflop from late position, and bluff/semi-bluff more postflop. Additionally, they can usually get players to stack off lighter against them. However, they're at a disadvantage because they're playing weaker hands on average, and playing LAG successfully requires excellent hand reading skills.

Usually people look at VPIP & PFR stats to determine if someone is laggy or taggy. Or percentages of flops seen.

There's other player types as well, but they're mostly either fish (players who are far too loose) or nits (players who are far too cautious).