Information systems collect, process, store, and distribute data as information. They consist of hardware, software, data, people, and procedures. Information systems are used in various fields like education, business, and management to track student grades, facilitate online learning, carry out online transactions, and analyze products. The main components of an information system are data, hardware, software, people, and procedures. Common types of information systems include transaction processing systems, management information systems, decision support systems, executive information systems, and expert systems.