An electric circuit is a closed loop that allows electric current to flow from a power source through various components like switches, fuses, and loads, and back to the source. The main parts of a circuit include an electrical source that delivers power, controlling devices that regulate the current, protection devices that prevent damage, conducting wires or paths, and loads that use the power. Circuits can be open or closed, and classified as series, parallel, or a combination depending on how the components are connected.