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Storage and memory: What is their relationship?

What is the difference between storage and memory? I know that there is no direct relationship between them.
Memory and disk storage have a strong relationship, in that they are both forms of storage. Disk storage is also known as external storage, which should not be confused with external disk storage located outside of a server. There are different levels of memory, such as registers in a processor, L1 cache on a processor chip, random-access memory (RAM), read-only memory (ROM), non-volatile RAM (NVRAM) and external magnetic disk and tape storage. External disk storage can also incorporate RAM for use as cache to enhance performance.

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