Lights connected in series form a chain with each light connecting to adjacent lights via one wire. Therefore, if one of the lights burns out and breaks the series, none of the other lights will receive power and they'll go dark. Lights connected in parallel each connect to the positive and negative nodes of the power source and would not go dark if one of their neighbors burnt out.

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.

Conductors are elements that allow electrons to flow freely. Their valence shell is less than half full of electrons that are able to move easily from one atom to another.

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.

Insulators have valence shells that are more than half full of electrons and, as such, are tightly bound to the nucleus and difficult to move from one atom to another.