Final answer:
A typical refracting telescope consists of a converging objective lens and a converging eyepiece lens, which together collect light to form and magnify a virtual, inverted image for the observer.
Step-by-step explanation:
The components of a typical refracting telescope include a converging objective lens and a converging eyepiece lens. The objective lens collects light and forms a real, inverted image at the focal plane. This real image then acts as the object for the eyepiece lens, which magnifies it and creates a virtual, inverted image for the observer to view. While Galileo used a convex objective with a concave eyepiece in his design, most simple refracting telescopes use two convex lenses for both the objective and the eyepiece.