MEMS (Micro Electro Mechanical Systems) are devices that have static or movable components on the micron scale. They combine microelectronics and micromechanics. Some key MEMS components discussed include microgrippers, micromotors, and microvalves. Microgrippers are used to grip and manipulate microscopic objects and can operate using thermal, piezoelectric, electrostatic or other actuation methods. Micromotors can be linear or rotary and operate using principles like variable reluctance. Microvalves are used to control fluid flow at the microscopic level and have advantages like not leaking or requiring lubrication.