The term 'COMPONENT OF MPH' can be broken down into two parts: PER, which is a three-letter acronym, and MPH, which stands for Miles PER Hour. PER is a unit of measurement used to measure the speed of an object over a given distance. It is commonly used in the automotive industry to measure the speed of a vehicle. MPH is a unit of speed that is equal to one mile PER hour. Therefore, the term 'COMPONENT OF MPH' refers to the unit of measurement used to measure the speed of an object over a given distance, which is PER.