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An integrated circuit (IC), sometimes called a Chip, microchip or microelectronic circuit, is a semiconductor wafer on which thousands or millions of tiny resistors, capacitors, diodes and transistors are fabricated. An IC can function as an amplifier, oscillator, timer, counter, logic gate, computer memory, microcontroller or microprocessor.
An IC is the fundamental building block of all modern electronic devices. As the name suggests, it's an integrated system of multiple miniaturized and interconnected components embedded into a thin substrate of semiconductor material (usually silicon crystal).
A single IC or Single Chip could contain thousands or millions of transistors, resistors, capacitors and diodes.
Additional components may also reside on it, all interconnected through a complex web of semiconductor wafers, silicon, copper and other materials. Size-wise, each component is small, usually microscopic. The resulting circuit, a monolithic chip, is also tiny -- often just enough to occupy a few square millimeters or centimeters of space.