Random access memory, or RAM, is a hardware device that allows information to be stored and retrieved on a computer. RAM is volatile memory, meaning it does not retain data when power is turned off. There are two main types of RAM: static RAM (SRAM) which is faster but more expensive, and dynamic RAM (DRAM) which is slower but less expensive and more commonly used. RAM is used for temporary storage and working space for the operating system and applications, and its data can be accessed in any order, giving it its name random access memory.