An integrated circuit is a miniature, low-cost electronic circuit consisting of both active and passive components fabricated together on a single crystal of silicon. The active components are transistors and diodes, while the passive components are resistors and capacitors. Jack Kilby demonstrated the first integrated circuit in 1958 for Texas Instruments, winning a Nobel Prize in 2000. Integrated circuits provide advantages like small size, light weight, cost reduction through batch processing, increased reliability and reduced power consumption. They can be classified as either digital or linear based on their applications.