This document discusses virtual memory and demand paging. It explains that virtual memory allows a program's logical address space to be larger than physical memory by only loading needed pages from disk. Demand paging loads pages on demand when they are accessed rather than all at once. This reduces I/O and memory usage while allowing more programs to run simultaneously. Page replacement algorithms like FIFO and LRU are covered, which determine which in-memory page to replace when a new page is needed. Thrashing can occur if page faults are too frequent, wasting CPU cycles.