Aerobic exercise refers to an activity that initiates the heart rate and breathing to enhance but not much to an extent that one cannot sustain the activity for more than certain minutes. It simply means exercise with oxygen.
On the other hand, anaerobic means in the absence of oxygen. It is the kind of exercise where one gets out of breath in just a few minutes, like when one lifts weights for bettering strength, when one climb a long flight of stairs, or when one sprints.
The common thing between both these forms of exercises is that they both promote physical endurance.
