What are the differences between long term and short term storage in a computer, and how do they impact the overall performance and functionality of the system?

Long term storage in a computer, such as a hard drive or SSD, stores data for a longer period of time, while short term storage, like RAM, holds data temporarily for immediate use. Long term storage impacts the system's capacity for storing large amounts of data, while short term storage affects the speed at which the system can access and process data. Balancing the two types of storage is crucial for optimal performance and functionality of the computer system.