The "elementary operations" of a CPU are called *instructions*, and their "costs" are called *latencies*. Instructions are stored in *memory* and executed one by one by the processor, which has some internal *state* stored in a number of *registers*. One of these registers is the *instruction pointer* that indicates the address of the next instruction to read and execute. Each instruction changes the state of the processor in a certain way (including moving the instruction pointer), possibly modifies the main memory, and takes a different amount of *CPU cycles* to complete before the next one can be started.
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