Components are repeatable code that can be used for elements or sections of a page.
In Versoly components can be site wide. Site components allow you to repeat code across the site such as navbars, CTAs and footers.
Library components can be used to copy code. This can speed up development of a site.
UI components such as buttons, modals and tabs are added to every project and come with default styling that looks great but can be completely customised.