Memory involves three key processes: encoding, storage, and retrieval. Information is encoded (changed) into the memory system through visual, acoustic, or semantic representations. It is then stored in either short-term memory (STM), which can hold 5-9 items for 0-30 seconds, or long-term memory (LTM), which has unlimited capacity and can last a lifetime. Finally, information must be retrieved from storage - STM retrieval is sequential while LTM retrieval is associative, such as remembering by placing or time. The processes of memory are essential for learning, functioning, and thinking about the past and future.