A lathe is a machine tool used for shaping materials like wood and metal. Key components include the headstock, which houses the motor and spindle, and the tailstock, which supports the workpiece and can be adjusted for different lengths. The bed is the base that holds everything in place, ensuring stability during operation. Another important part is the carriage, which moves the cutting tool along the workpiece. The cross slide allows for lateral movement, while the tool post secures the cutting tool. Together, these components enable precise shaping and finishing of materials in various applications.