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Multitasking is a method in which multiple processes or tasks share a common resource pool. For example multiple applications share the CPU in a computer system. This enables us to run multiple applications simultaneously in our computer system.
In the case of single CPU system where only one task can run at a single point of time, multitasking systems solve this problem by proper scheduling of tasks in such a way that every process gets its own turn. In multi CPU system processes are distributed among the CPUs and hence they operate in a much faster way.
Multitasking is also achieved by the use of threads which is called multi-threading. Threads are light weight processes and have the ability to run in parallel. So multi-threading is used to achieve multitasking in a single application. Threads generally run in parallel which enables multiple parts of program to get executed in parallel.