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The CPU is the heart of any computer. It is what handles all of the computer's tasks at millions of instructions per second. The two main aspects to a CPU are cores and frequency. You can imagine cores as workers—the more you have, the more work you get done. Frequency (in GHz) is the speed at which all or some of these cores operate, higher usually being better.
All components lead back to the motherboard. It's where your CPU, RAM, GPU, storage drives, USB ports, and power all meet to be connected to one another. A "budget" and "higher end" motherboard do practically the same job, a higher end one may just offer more features and ports, better power handling, and a nicer design among other small details.
RAM is a key component to a PC, alike our brain is to us. The "M" in RAM stands for memory, as it is short-term and only holds what it needs to use or know while the program or website is open, and "forgets" that memory once it's no longer needed and frees up space. The larger capacity RAM, the more open programs and tasks that can be open concurrently and ran as intended. The last four numbers such as "2400" is the frequency (in MHz), which is how fast data can be transferred. Memory is cleared everytime you turn off the computer.
The power supply, or PSU for short, is what supplies constant power to our system. Components like CPUs and GPUs get more and more power hungry as we get higher end parts, meaning a smaller 450 watt (W) PSU may not supply enough power to a system with a 250W GPU and have enough to spare for all other components.
The GPU's job is to handle all the frames that we see on our monitor, whether that is through pushing as many frames-per-second in a video game, render a 3D object, playback a full-length movie, or create an image. Our system needs some kind of GPU, whether it be a weaker built-in one in our CPU or a dedicated NVIDIA GeForce GPU, otherwise we would never see anything on the screen. It also has cores and frequency, but these differs in design from a CPU. A GPU may have hundreds or thousands of cores unlike a CPU which usually has a range from a couple to a dozen and a half.
Our storage drives are where we keep data long term, unlike our RAM which is only fast, short term data. Capacities can range from a few hundred gigabytes (GB) to a few terabytes (TB) (1000 GB = 1 TB). Two main forms of storage now are HDDs and SSDs: hard disk drives and solid state drives respectively. HDDs are physical magnetic disks rotating and thousands of times per minute, which tend to be slower than SSDs but large capacities are not too expensive, making these a good option for mass storage that doesn't rely on speed such as photos and documents. SSDs on the other hand have no moving parts, are much faster, but usually come in smaller capacities and are more expensive.