What is the smallest memory size and how does it compare to a bit?

The smallest memory size is a single bit, capable of storing either a 1 or a zero. An electronic component that does this is known as a D latch and in it's simplest form has three pins. The data input pin will have the value to be stored. The clock or enable pin is the trigger to store the value on the data input pin. Finally the output pin will have the value of the stored data. These single byte memories can be bought as small integrated circuits. Add 8 of these latches together and you have a 1 byte memory. Add 1 byte memories together and you have the basis of computer memory as used in almost all processors.