Final answer:
The approach of using a combination of memory types for optimal performance and cost is known as hierarchical memory. It involves using a layered structure of memory systems, from fast, small caches near the processor to larger, slower storage options. o hierarchical memory.
Step-by-step explanation:
The approach of using a combination of memory types to provide the best performance at the best cost is referred to as hierarchical memory. This system leverages the speed of small, fast memory near the processor (cache or RAM) for immediate data access, with the larger and slower memory (such as disk storage) used for long-term retention. The idea is to optimize the balancing of performance and cost by using different layers of memory storage, each with its own characteristics.
An example of this would be having critical data stored in a processor's L1 and L2 caches, where retrieval speeds are lightning-fast. Frequent but not critical data might reside in the RAM, while less frequently accessed data could be stored on an SSD (Solid State Drive) or an HDD (Hard Disk Drive). By using such a memory hierarchy, a computer system can achieve efficient memory management.
In essence, hierarchical memory structures allow for quicker access times for the most frequently used data while preserving large capacities for less commonly accessed information, all the while keeping costs reasonable compared to a system utilizing only the highest speed memory throughout.