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Long term storage is where information is stored for an extended period, potentially indefinitely. It has a vast capacity and includes memories of facts, events, skills, and experiences that are accessible but not always in our conscious awareness.
Encoding is the process of transforming incoming information into a format suitable for storage in long term memory.
Retrieval refers to the process of accessing or bringing back stored information from long-term memory.
Consolidation is the process by which memories become stable and solidified in long term storage through the strengthening of neural connections.