1. The Java collections framework provides standard, reusable data structures and algorithms to store and manipulate groups of objects. It includes interfaces like Collection, List, Set, and Map as well as classes that implement these interfaces like ArrayList, LinkedList, HashSet, and HashMap.
2. The framework aims to have high performance, allow different collection types to work similarly, and make extending collections easy. It utilizes interfaces, classes, and algorithms to achieve these goals.
3. Key components of the framework include interfaces like Collection, List, Set, Map, and Comparator; classes that implement the interfaces like ArrayList, LinkedList, HashSet, and TreeMap; and algorithms defined in the Collections class.