RAM, or Random Access Memory, is a type of data storage used in computers that is located on the motherboard and allows quick access by the processor. There are two main types of RAM: DRAM (Dynamic Random Access Memory) and SRAM (Static Random Access Memory). DRAM needs to be refreshed often and uses a single transistor and capacitor per bit, while SRAM does not need to be refreshed and uses an array of six transistors per bit, making it faster to access but more expensive than DRAM.