A capacitor consists of two parallel plates separated by an insulating dielectric material, allowing it to store electrical charge, with capacitance measured in farads. Different types of capacitors, including fixed, polarized, electrolytic, and variable, have specific applications based on their construction and characteristics, such as loss factors, tolerances, and voltage capabilities. Ceramic and electrolytic capacitors are among the most widely used due to their reliable performance and versatility in various electronic devices.