Memory is the ability to encode, store, and recall information. In animals, this occurs in a brain or brain-like process. In computers, this occurs on a device like a hard drive or RAM chip.
In humans, as in many other animals, there is short-term and long-term memory. Short-term memory is working memory, and information stored there lasts for a few seconds to a few minutes. To be saved, information must pass from short-term to long-term memory.
In computers, short-term memory is volatile memory like RAM and long-term memory is non-volatile like hard drive or flash memory.