The term 'Tiny Memory Unit' can be summarized as a BYTE, which is a unit of digital information that consists of 8 bits. A bit is the smallest unit of data in computing and is represented by either a 0 or 1. A byte is the equivalent of 8 bits and is used to represent a single character such as a letter, number, or symbol. Bytes are used to store and process data in computers and other digital devices.