Question

what is potentiometer

Answer 1

A potentiometer, informally a pot, is a three-terminal resistor with a sliding contact that forms an adjustable voltage divider. If only two terminals are used, one end and the wiper, it acts as a variable resistor or rheostat. A potentiometer measuring instrument is essentially a voltage divider used for measuring electric potential (voltage); the component is an implementation of the same principle, hence its name. Potentiometers are commonly used to control electrical devices such as volume controls on audio equipment. Potentiometers operated by a mechanism can be used as position transducers, for example, in a joystick.

Answer 2

@ElizabethEdwards
Always give credit where credit is due. :)

Answer 3

http://en.wikipedia.org/wiki/Variable_resistor