Q:
What is short-term and long-term memory?  TAKEN DIRECT FROM WIKIPEDIA

A:

Short-term

Some of the information in sensory memory is then transferred to short-term memory. Short-term memory allows one to recall something from several seconds to as long as a minute without rehearsal. Its capacity is also very limited: George A. Miller, when working at Bell Laboratories, conducted experiments showing that the store of short term memory was 7�2 items (the title of his famous paper, "The magical number 7�2"). Modern estimates of the capacity of short-term memory are lower, typically on the order of 4-5 items, and we know that memory capacity can be increased through a process called chunking. For example, if presented with the string:

FBIPHDTWAIBM

people are able to remember only a few items. However, if the same information is presented in the following way:

FBI PHD TWA IBM

people can remember a great deal more letters. This is because they are able to chunk the information into meaningful groups of letters. Beyond finding meaning in the abbreviations above, Herbert Simon showed that the ideal size for chunking letters and numbers, meaningful or not, was three. This may be reflected in some countries in the tendency to remember phone numbers as several chunks of three numbers with the final four-number groups generally broken down into two groups of two.

Short-term memory is believed to rely mostly on an acoustic code for storing information, and to a lesser extent a visual code. Conrad (1964)[1] found that test subjects had more difficulty recalling collections of words that were acoustically similar (e.g. dog, hog, fog, bog, log).

 Long-term

The storage in sensory memory and short-term memory generally have a strictly limited capacity and duration, which means that information is available for a certain period of time, but is not retained indefinitely. By contrast, long-term memory can store much larger quantities of information for potentially unlimited duration (sometimes a whole life span). For example, given a random seven-digit number, we may remember it for only a few seconds before forgetting, suggesting it was stored in our short-term memory. On the other hand, we can remember telephone numbers for many years through repetition; this information is said to be stored in long-term memory. While short-term memory encodes information acoustically, long-term memory encodes it semantically: Baddeley (1966)[2] discovered that after 20 minutes, test subjects had the least difficulty recalling a collection of words that had similar meanings (e.g. big, large, great, huge).

Short-term memory is supported by transient patterns of neuronal communication, dependent on regions of the frontal lobe (especially dorsolateral prefrontal cortex) and the parietal lobe. Long-term memories, on the other hand, are maintained by more stable and permanent changes in neural connections widely spread throughout the brain. The hippocampus is essential to the consolidation of information from short-term to long-term memory, although it does not seem to store information itself. Rather, it may be involved in changing neural connections for a period of three months or more after the initial learning.

One of the primary functions of sleep is improving consolidation of information, as it can be shown that memory depends on getting sufficient sleep between training and test, and that the hippocampus replays activity from the current day while sleeping.