Memory, or RAM (Random Access Memory), is a type of computer memory that temporarily stores data for quick access by the processor. It allows your computer to run multiple applications simultaneously and improves overall performance. When you open a program, it is loaded from your hard drive into RAM, enabling faster data retrieval. RAM is volatile, meaning it loses all stored information when the computer is turned off. The amount of RAM in a system can significantly affect its speed and efficiency. More RAM typically allows for smoother multitasking and better performance in demanding applications like video editing or gaming.