These are the most relevant parts of the spinning wheel. This is a traditional style spinning wheel, and most of the parts will be located in a similar place on a traditional style wheel. If you have a different style wheel, you should still be able to find and identify all the parts. Look closely and compare the picture to your wheel and you shouldn't have too much trouble.
You can see how the yarn comes off the bobbin, the flyer rotates around the bobbin, and this creates the twist to make the yarn. As this happens the bobbin spins at the same speed as the flyer. When you move your hands toward the orafice (pictured below) the tension stops the bobbin movement and the yarn winds on like magic, because the flyer continues to spin and the bobbin stops or slows.
After you spin a little you need to move the yarn to the next hook, so that the bobbin will wind evenly. The amount shown here is about the maximum amount you should accumulate before switching hooks. There are also hooks on the other arm of the flyer but they are not visible as they are on the other side.
I hope that you know what each part does now, I want to point out that not all the parts are shown or labeled here. The parts discussed are those necessary for discussing the spinning process, and are not intended to be complete, but an overview of the parts that you will regularly adjust and interact with.