The electrical basis for ST depression and elevation is far beyond the scope of Step 1.
That said, you must know that ST elevation MIs (STEMIs) = transmural ischemia, which are usually caused by an ulcerated atheromatous plaque and for which the treatment of choice is stenting/angioplasty or fibrinolytics if >90 minutes from an angio center. These are basically of equal efficacy, but fibrinolytics are much more dangerous. About the only testable adverse effects of angioplasty are femoral hematomas/aneurysms and "blue toe syndrome." If you haven't heard of blue toe, you should look that up and annotate it into your FA.
You may also see ST elevation in other scenarios. Of these, only pericarditis (diffuse elevation in all leads with PR segment depression) is step 1 testable in my opinion, and they would give you wayyy more information than just the ECG (previous viral illness/MI, chest pain relieved by sitting forward, friction rub). You can see "peaked Ts" with hyperkalemia.
ST depression has an absurd number of causes. The most important for step 1 are unstable angina and NSTEMI (non-Q wave MI), which are differentiated from each other by cardiac enzymes (NSTEMI = Trp/CK elevation). The depression in this case is caused by subendocardial ischemia (e.g., the endocardium is fed from the heart lumen and outermost muscle is adequately perfused, thus subendocardial).
Short answer, Prinzmetal's = transmural ischemia and unstable angina is not.