Memory is an active system that encodes, stores, and retrieves information through three main processes: encoding, storage, and retrieval. Information is encoded from sensory memory and can be stored either in short-term or long-term memory. Short-term memory has a limited capacity and duration, while long-term memory has unlimited capacity but requires rehearsal to be retained. There are various reasons why memories can fade over time through processes like memory decay, disuse, forgetting, or amnesia. Mnemonic techniques can help improve memory recall through associations, imagery, and other strategies.