As a beginner it is very hard to understand what are these things Is there any resource which can give a grasp knowledge of things in easy language?
In simple words: For a long time Google didn't give any indication to developers on how they should write (architecture wise) their apps. But last year they've released a set of libraries that guide developers on how to structure their code by structuring the app in clear layers and reinforcing good practices. That's what they call architecture components.
LifeCycle, LiveData, ViewModel and Room are the main classes in these libraries. They go well with a MVVM architecture and if you apply them correctly (according to Google) your app will be easy to maintain and test.
As for resources, you can check the Google I/O release talk and the documentation. You can also find many online tutorials to get you started.
If you know nothing of android development it will be hard to understand the use of these components so I would advise you to study more about the SDK and then go back to these components. Note as well that you need to know about Reactive Extensions for android and java/kotlin too because these libraries rely a lot on them.