Resistors, capacitors, diodes, and transistors are the basic electronic components. Resistors limit current and divide voltage. Capacitors store energy in the form of charge and are used for timing circuits. Diodes only allow current to flow in one direction and are used for rectification and as switches. Transistors have three terminals - emitter, base, and collector - and can be used to amplify or switch signals by controlling the flow of current between the other two terminals using the base. NPN transistors act as a straight switch while PNP transistors act as an inverted switch. These basic components have many practical applications.