The key components of the separation of powers include three distinct branches of government: the legislative, executive, and judicial. Each branch has its own responsibilities and powers to ensure a system of checks and balances. The legislative branch, primarily the Congress, creates laws; the executive branch, led by the President, enforces laws; and the judicial branch interprets laws through the court system. This separation aims to prevent any one branch from becoming too powerful, safeguarding against tyranny and protecting individual liberties within a democracy.