Visit the official Google support here.
There are a number of folders.
1. The My Drive folder is all the files you have in your drive. This includes items that you have created or added to your drive.
2. The Shared with me folder is all the files that other people have shared with you. You may not be able to edit them, depending on the permission level.
3. The Recent folder is all the files you have recently accessed. The files may not always be there so don't panic if they don't appear in the Recent folder. Check other folders.
4. The Starred folder is where all your starred files appear. You must star a file before it will appear here.
5. The Trash folder is where all your recently deleted files will appear. DO NOT STORE FILES HERE.