Before learning more details about each of these concepts a concrete definition of the following terms is necessary.

Wire : It is just a passive physical connection with least resistance. Bus : A group of signals (such as data, address etc). It may be augmented with buffers latches etc. A bus has standard specification such as number of bits, the clock speed etc. Port: It is the set of physical wires available so that anydevice which meets the specified standard can be directly plugged in. Example is the serial, parallel and USB port of the PC. Time multiplexing: This is to Share a single set of wires for multiple pieces of data. It saves wires at expense of time