Final answer:
A peripheral device for recording, storing, and retrieving information is a disk drive, which enables efficient data management alongside the microprocessor's evolution, fundamental for modern computing.
Step-by-step explanation:
A peripheral device for recording, storing, and retrieving information is known as a disk drive. Disk drives, such as hard drives or solid-state drives, are integral to computers and allow for the manipulation of data to perform a wide variety of functions, paralleling the processes our memory systems undertake, including encoding, storing, and retrieving information. As technology evolved, by the end of the 1980s, the microprocessor became a cornerstone for the proliferation of personal computers and a plethora of other digital devices, making efficient data processing possible in various domains, from finance to health care.