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What are Aura methods?

This enables you to directly call a method in a component's client-side controller instead of firing and handling a component event. Using simplifies the code needed for a parent component to call a method on a child component that it contains.

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When should I use static methods?

The code in the method is not dependent on instance creation and is not using any instance variable. A piece of code is to be shared with other methods. The method's definition should not be changed.

Moreover, how is event handled in lwc?

Handle an Event : There are two ways to listen to an event Create child html file to get value from user. childComp.html.