The document describes the basic instruction cycle in a computer. It consists of 4 main phases: 1) Fetch - the next instruction is fetched from memory and stored in the instruction register. 2) Decode - the instruction is decoded to determine the operation. 3) Execute - if it is a memory instruction, the effective address is read from memory before execution. Otherwise, the instruction is directly executed. 4) The result is stored in memory or output to a device. The key components involved are the program counter, instruction register, memory, and control unit which coordinates the cycle.