Final answer:
The term that defines the components controlling memory, buses, and peripherals in conjunction with the processor is the microprocessor. It is an integrated circuit, commonly known as a microchip, and it is crucial in microelectronics.
Step-by-step explanation:
The term that defines a set of components on the motherboard that work closely with the processor to control memory, buses, and peripherals is the microprocessor. A microprocessor is an integrated circuit that performs a range of functions by storing and manipulating data. The microprocessor controls the flow of information through the computer's components, acting as the 'brain' of the computer. It is sometimes referred to as a microchip, which is a small piece of silicon containing a large amount of electronic circuitry. This miniaturization of electronic components, part of microelectronics, has enabled computers that long ago filled entire rooms to fit into small boxes, revolutionizing personal computing. The invention of interchangeable parts also played a significant role in the development of the computer by allowing for standardization in electronic manufacturing.