Priority - find suggested files Google thinks is most relevant based on your activity.
My Drive - files created or uploaded are stored in My Drive. This is similar to a C: Drive on a computer.
Shared drives - support files owned by an organization rather than a individual user. Must be a member of the shared drive.
Shared with me - all of the files that have been shared with you can be located in "Shared with me". The most recently shared item can be found toward the top of the list of files.
Recent - Select this to view most recently viewed files.
Starred - add files by right clicking the file and select "add star". Use this feature to quickly access certain files.
Trash - once a file is removed from Drive, they can be found in the trash. They can be restored from the trash or permanently removed.