The lathe is a versatile machine tool used for turning, drilling, grinding, and polishing cylindrical workpieces. The main components of a lathe are the bed, headstock, carriage, and tailstock. The headstock houses the spindle that rotates the workpiece, while the carriage supports the cutting tool and allows it to move along the bed. There are several types of lathes, including engine lathes, turret lathes, and CNC lathes, which differ in their automation and ability to perform duplicate operations. Lathes come in a wide range of sizes depending on the diameter of workpieces they can accommodate.