Storage:

creation of a
permanent
record of the
encoded
information

Retrieval,
recallorrecolle
ction: calling
back the stored
information in
response to
some cue for
use in a process
or activity.

When information is brought in and retained by the senses, this is

what is known as sensory memory. The effects are extremely short
term with this information forgotten within a few seconds. It is also
known as the first level of memory.

This ability to hold on to a piece of information temporarily in order to complete

a task is specifically human. It causes certain regions of the brain to become
very active, in particular the prefrontal cortex, which is part of the brain's frontal
lobe. The prefrontal cortex is referred to as the "coordinator" in short-term
memory, as it is involved in the ways in which memories are used.
Short-term memory includes immediate memory and working
memory.

Immediate memory acts as a temporary site where input is briefly

stored until the brain decides whether to erase the memory as
unimportant or to process the memory. The triaging of memories is
primarily unconscious. These temporary memories are thought to be
stored in the hippocampus, and emotions generated in the adjacent
amygdala increase the likelihood of memory retention.
Working memory consists of the brain processes used for temporary storage
and manipulation of information. It operates over only a few seconds, and it allows
us to focus our attention, resist distractions, and guide our decision-making.

Stores information for a relatively long time or even

permanently on the basis of
meaning and importance. Information is transferred from
short-term memory
(also known as working memory) to long-term memory
through the
hippocampus, located in the inner fold of the temporal lobe.

 The ability to retain and recall episodic memories is highly

dependent on the hippocampus, whereas the formation of new
declarative memories relies on both the hippocampus
and parahippocampus
Prefrontal cortex -essential for remembering contextual details of
an experience rather than for memory formation more involved with
episodic memory than semantic memory.
The amygdala is believed to be involved in the encoding and
retrieval of emotionally charged memories.

http://ngm.nationalgeographic.com/2007/11/memory/brain-interactive