Some key parts of your water heater include:
A steel tank holds the hot water. The tank is usually lined with a rust-proof material to prevent rust, and is surrounded by insulation to retain heat. The tank also has a sacrificial anode to prevent corrosion.
A dip tube brings the cold water into the tank. The shutoff valve stops the flow of water.
Heating elements heat the water
A thermostat controls the temperature of the water inside the tank
A hot water outlet pipe carries hot water out of the tank
A pressure relief valve prevents the tank from excess pressure, which in extreme cases could cause the tank to explode.