An inductor is coiled wire that stores electric energy in the form of magnetic energy and resists changes in the electric current flowing through it. If current is increasing, the inductor produces a voltage that slows the increase and, if current is decreasing, the magnetic energy in the coil opposes the decrease to keep the current flowing longer. In contrast to capacitors, inductors allow DC to pass easily but resist the flow of AC.

The purpose of a capacitor is to retain electric charge and it will do so even after its input voltage is removed. After the input voltage is removed, the capacitor will slowly discharge but, depending on the size and characteristics of the capacitor, discharging could take from a few minutes to a few years. So, it's never safe to touch a capacitor with your hands and you should make sure to discharge any capacitors in a circuit before working on it using an appropriately high-wattage resistor or a capacitor discharge tool.

The transistor is the foundation of modern electronic devices. It is made entirely from semiconductor material (making it a solid state device) and can serve many different functions in a circuit including acting as a switch, amplifier, or current regulator. A transistor works by allowing a small amount of current applied at the base to control general current flow from collector to emitter through the transistor.

Circuits containing transistors are packaged into integrated circuit chips that allow encapsulating complex circuit designs (CPU, memory, I/O) for easier integration into electronic devices and machines.

Resistors are used to limit voltage and/or current in a circuit and can have a fixed or variable resistance.  Variable resistors (often called potentiometers or rheostats) are used when dynamic control over the voltage/current in a circuit is needed, for example, in a light dimmer or volume control.