The Raspberry Pi is a credit-card sized computer that can connect to keyboards, monitors and TVs to function similarly to a desktop computer. It was developed by the Raspberry Pi Foundation in the UK to improve computer science education and make basic computing available at a low cost. The Raspberry Pi uses an ARM processor, runs Linux-based operating systems, and costs around $25-35, aiming to be an accessible and customizable platform for learning programming. It has found a variety of applications from home computers to scientific and industrial projects due to its low power usage and customizability.