The document breaks down the components of a web page from the perspectives of the web server and browser. It explains that the web server matches the requested URL to a page template, fetches data from other systems, and combines HTML parts to form a complete HTML document sent to the browser. Inside the browser, the HTML document is received and resources like images, CSS, and JavaScript are downloaded and applied to render the page. Caching is also discussed, where HTML and controls can be cached to improve performance.