Final answer:
Memory (often called RAM) is used for temporary storage of instructions and data currently in use by the computer, allowing for quick access by the CPU. The hard drive, on the other hand, is a permanent storage solution for files, programs, and the operating system, with data retained even after the computer is turned off.
Step-by-step explanation:
The differences between memory and the hard drive can be best described by the first option: 1) Memory stores instructions and data used by programs in the moment; whereas a hard drive stores data, programs, and files that can be accessed at a future time. Memory, often referred to as RAM (Random Access Memory), is a temporary storage area that the computer uses for quick access to data and instructions that are in active use. It enables the processor to access data much faster than reading from the hard drive. However, when the computer is powered down, the data in memory is lost.
In contrast, the hard drive is a long-term storage device where data is stored magnetically or on solid-state chips, depending on whether it's a traditional hard disk drive (HDD) or a solid-state drive (SSD). This is where files, programs, and the operating system are stored, and the information remains intact even when the computer is turned off.