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Electronic component forming a three-terminal resistor with a sliding contact. Acts as a variable resistor / voltage divider, manipulating the amount of current flowing through it.

Potentiometer - short form pot. Electronic component forming a three-terminal resistor with a sliding contact that acts as a variable resistor / voltage divider and lets a variable current flow through.

Potentiometers are commonly used to control electrical devices such as volume controls on audio equipment.

Wikipedia: http://en.wikipedia.org/wiki/Potentiometer

Potentiometer Explanation: http://www.electronics-tutorials.ws/io/io_2.html

Voltage Divider Tutorial: https://learn.sparkfun.com/tutorials/voltage-dividers