Microelectronics involves the study and manufacturing of very small electronic components on a single semiconductor substrate known as a chip. The key components are integrated circuits (ICs) which contain both active components like transistors and diodes, and passive components like resistors, capacitors, and inductors. There are several fabrication processes used to manufacture ICs, including deposition, photolithography, etching, and doping. ICs provide advantages over discrete components like reduced size, cost, and power consumption.