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A FEW IMPORTANT NOTES:
1: At the end I said cooling is not required. I went off script here, I meant to say "additional cooling". Any fans your CPU or case comes with are most certainly required.
2: A GPU is technically a component within the Graphics card (CPU is to Computer as GPU is to Graphics card) but if you're thinking about building a computer the terms are used interchangably. Every graphics card comes with a GPU inside of it and they are often referred to as GPU because that is the defining characteristic of a graphics card.
3: Solid State Drives are the same thing as hard drives, just with less space and faster speed due to the lack of spinning disks.
4: A GPU is technically not an essential part of a computer. You can boot without it. But to do almost anything desktop computers are good for, you will need a grahpics card.
A brief explanation of what each component in a home PC does.