Generation of action potentials
1. Voltage-gated Na+ channels open first and Na+ flows into the cell, crossing the threshold and increasing the membrane potential (rising phase)
2. Voltage-gated Na+ channels become inactivated, voltage-gated K+ channels open and K+ flows out of the cell (falling phase)
3. Membrane permeability to K+ is initially higher than at rest, then voltage-gated K+ channels close and resting potential is restored (undershoot)