The term 'Spectrometer Component' can be summarized as a PRISM, which is a five-letter word. A PRISM is a transparent optical element with flat, polished surfaces that refract light. It is commonly used in spectrometers, which are instruments used to measure the properties of light over a specific portion of the electromagnetic spectrum. Prisms are used to separate light into its component wavelengths, allowing for the analysis of the spectrum of a given light source.