Microcontrollers are small, versatile electronic components that execute programmed tasks and are used widely in appliances. They can be purchased in bulk at affordable prices from wholesale distributors or online stores like Express Technology Group, which offers Rabbit Semiconductor microcontrollers at reasonable prices. Microcontrollers come in different types classified by bus width, such as 8-bit, 16-bit, and 32-bit, that determine the amount of data they can access and process at once. Factors like processing power, memory, and speed should be considered when selecting a microcontroller for a project.