The term 'Bit of Morse Code' refers to the system of communication developed by Samuel Morse in the mid-1800s. It is composed of dots, dashes, and spaces that represent letters, numbers, and symbols. The DOT is represented by the letter 'DOT' (3 letters), the DASH is represented by the letter 'DAH' (3 letters), the longer DASH is represented by the letter 'DASH' (4 letters), and the short DASH is represented by the letter 'DIT' (3 letters). Together, these four elements form the basis of Morse Code.