Final answer:
Long-term memory (LTM) is believed to have an unlimited capacity, encompassing explicit and implicit memories. While short-term memory has a limited capacity ('7 plus or minus 2'), LTM includes everything from factual knowledge to procedural skills, with the retrieval process being influenced by various cognitive factors.
Step-by-step explanation:
Psychologists generally believe that the capacity of long-term memory (LTM) is unlimited. Unlike short-term memory, which has a limited capacity often described by the phrase '7 plus or minus 2', LTM encompasses all the things you can remember that happened more than just a few minutes ago. An example of long-term memory could be recalling the material you studied for your chemistry exam, which falls into the category of explicit memory, including both episodic memory and semantic memory. Additionally, implicit memory, such as procedural skills or conditioned responses, are also stored in LTM. The complexity of memory storage includes processes like memory trace decay, interference, and the need for consolidation over time.
For instance, while you may readily recall a fact like the capital of the United States, which is part of your semantic memory, you may struggle to remember the name of a restaurant you visited, which would be part of your episodic memory. Sometimes a prompt or cue is needed to help retrieve these memories. This indicates that while the capacity for LTM is vast, not all memories are retained with the same strength or accessibility.
Research into memory processing has evolved over the years, with more contemporary findings suggesting different numbers for the capacity of working memory, such as '4 plus or minus 1'. However, when considering LTM, it's the organization and retrieval of information that become more pertinent than sheer capacity. Memory retrieval and the ability to remember over long periods involve complex cognitive processes and are affected by various factors like emotion, the depth of processing, and the frequency of retrieval.