Explain the concept of code-first and database-first approaches in Entity Framework.

In the Code-First approach, you define your domain models as classes first and then generate the database schema from these classes. It provides flexibility and control over the database design. On the other hand, the Database-First approach starts with an existing database schema. Entity Framework generates the corresponding classes and relationships based on the database structure. This approach is useful when working with legacy databases or integrating with existing systems.