Final answer:
Short-term memory (STM) and long-term memory (LTM) are both important components of our memory system, but they differ in terms of storage capacity, duration, and conscious awareness. STM processes incoming sensory memory and holds it temporarily, while LTM is the continuous storage of information that lasts for a longer period.
Step-by-step explanation:
Short-term memory (STM), also known as working memory, is a temporary storage system that processes incoming sensory memory. It holds information for a short duration of about 15 to 30 seconds before either transferring it to long-term memory or forgetting it. On the other hand, long-term memory (LTM) is the continuous storage of information that lasts for a longer period. It has an unlimited storage capacity and includes memories that happened more than just a few minutes ago.
In terms of similarities, both short-term memory and long-term memory are involved in the process of encoding, storing, and retrieving information. They are essential components of our memory system. However, they differ in terms of storage capacity, duration, and the level of conscious awareness. Short-term memory has limited storage and lasts for a shorter duration, while long-term memory has unlimited storage and can retain information for a longer period.