Ok i am new to modding and would really like to learn more about all of the electrical components and what they do. For example what does a capacitor, resistor, transister and ic all do, how they do it when where and why would i use any of them. I have looking all these up on Wikipedia, but i need laymans terms.
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you should take a beginners electronics class.....

if everyhing could be explained in laymans terms we wouldn't need electrical engineers

Just take a class or read a lot of information on the subject.

Learn by doing