A ROM chip does not require a constant source of power to retain the information stored on it, whereas a RAM chip does require a constant source of power to retain the information. When a computer is turned on, and programs are being run, the programs information is stored in the RAM chip for better efficiency and speed. However, as soon as the computer is turned off any information stored in the RAM chip is lost. With a ROM chip, any information stored on the chip remains on it with or without power.ROM chips are commonly used in gaming system cartridges, like the original Nintendo, Gameboy, Sega Genesis, and a number of others. The game cartridge stores the game programming on a ROM chip which is read by the game console when the cartridge is inserted into the console.
ROM chips can also be found in computers, to store the programming needed to begin the initial boot up process when turning on a computer. Using non-volatile storage is the only way to begin the start up process for computers and other devices that use similar a start up process. The most common type of programmable ROM (PROM) chip in a computer is the BIOS.RAM chips are also used in computers, as well as other devices, to store information of the programs currently running on the computer. However, only volatile information can be stored on RAM chips, due to that fact that if power is lost to the computer all information stored in the RAM is lost. Below is a picture of what a typical RAM module looks like in a computer.
The oldest ROM-Type storage media can be dated back to 1932 with drum memory. Today, ROM-Type storage media is still used and continues to be improved upon for better performance and storage capacity.
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RAM is Random Access Memory. 
ROM is Read Only Memory.

RAM is the memory available for the operating system, programs and processes to use when the computer is running. 
ROM is the memory that comes with your computer that is pre-written to hold the instructions for booting-up the computer.

RAM requires a flow of electricity to retain data (e.g. the computer powered on).
ROM will retain data without the flow of electricity (e.g. when computer is powered off).

RAM is a type of volatile memory. Data in RAM is not permanently written. When you power off your computer the data stored in RAM is deleted.
ROM is a type of non- volatile memory. Data in ROM is permanently written and is not erased when you power off your computer.

There are different types of RAM, including DRAM (Dynamic Random Access Memory) and SRAM (Static Random Access Memory).
There are different types of ROM, including PROM (programmable read-only memory) that is manufactured as blank memory (e.g. a CD-ROM) and EPROM (erasable programmable read-only memory).

There are many differences between RAM and ROM memory but there are also a couple similarities (and these are very easy to remember).  Both types of memory used by a computer, and they are both required for your computer to operate properly and efficiently.