Short-term Memory: Short-term memory is also a temporary storage of information but its duration is comparatively longer than sensory memory, usually it retains information for about 15 to 30 minutes. STM is often viewed as the active or conscious part of our memory, that is, it consists of that information which is ready either for instant use or for further processing and onward submission to long-term memory. It gets its input from sensory memory. This memory is maintained through practice and elaborative rehearsal. It stores 5 to 9 chunks of information at a time. STM has two other counterparts namely Auditory loop which processes auditory information and Visual-spatial Checkpad which processes visual information.
Long-term Memory: Long-term memory has unlimited capacity of storing information. It is a permanent type of storage in the sense that information once stored in it remains there forever. It stores various types of information namely declarative, procedural and imagery. Information exists there in dormant form until we call them back to sort-term memory. The quality of LTM depends upon two processes, the storing process and the retrieval process. The more similar the two processes are the less effort is required to retrieve information from LTM.