Final answer:
Long-term memory is the component of memory responsible for the continued storage of information for extended periods of time. It has an unlimited capacity and consists of explicit and implicit memories. While explicit memories include facts and personal experiences, implicit memories refer to skills and routines performed automatically.
Step-by-step explanation:
Long-term memory (LTM) is the phase of the memory storage system that retains information over extended periods of time. Unlike short-term memory, which lasts only about 15 to 30 seconds, LTM can store unlimited amounts of information indefinitely. It involves the information that you can recall from more than a few minutes ago, functioning as our brain's "hard drive" where memories are kept even when not in immediate use.
LTM can be further divided into two main types: explicit memory and implicit memory. Explicit memory is the conscious, intentional recollection of factual information, previous experiences, and concepts. It can be subdivided into two categories: episodic memory (personal experiences) and semantic memory (facts and knowledge). Implicit memory, on the other hand, includes skills and routines that are performed automatically without conscious recall, such as riding a bike.
Memories within LTM can be affected by memory trace decay and proactive interference. Decay refers to the natural loss of a memory over time when it's not retrieved, while interference occurs when other memories compete, making certain memories harder to access. Information reaches LTM through a process of consolidation, which takes time and can involve various memory-enhancing strategies. Consequently, not all long-term memories are strong, and some may require prompts or cues to be recalled effectively.