Final answer:
Memory storage is the process of creating a permanent record of encoded information, which is retained in the brain for future retrieval. This involves transferring information through sensory memory, to short-term memory, and then to long-term memory if the information is rehearsed. Long-term memory has virtually unlimited storage capacity.
Step-by-step explanation:
The process of retaining encoded information over time is known as memory storage. This vital cognitive function involves creating a permanent record of the encoded information. After encoding the information through either automatic processing or effortful processing, our brains store this information to be retrieved later. The Atkinson-Shiffrin model describes how information is processed and stored in different memory systems, passing through sensory memory, short-term memory, and eventually reaching long-term memory if rehearsed. Long-term memory has a practically limitless capacity and is essential for retaining information over extended periods, whether we are discussing facts, experiences, or skills.
Effortful encoding is necessary for complex or important information, such as studying for an exam, while automatic processing handles more routine information. Factors that can affect memory storage include memory trace decay, interference, and encoding failure. While memory trace decay and interference primarily affect short-term memory, encoding is critical for transferring information into long-term storage. Without proper encoding, information cannot be stored and later retrieved, as exemplified by the common inability to recall minor details such as the appearance of a penny, due to encoding failure.