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Application Specific Integrated Circuit:

 

http://en.wikipedia.org/wiki/Application-specific_integrated_circuit

 

"An application-specific integrated circuit (ASIC) is an integrated circuit (IC) customised for a particular use, rather than intended for general-purpose use. For example, a chip designed solely to run a cell phone is an ASIC...

 

Microcontroller:

 

http://en.wikipedia.org/wiki/Microcontroller

 

"A microcontroller (or MCU) is a computer-on-a-chip used to control electronic devices. It is a type of microprocessor emphasizing self-sufficiency and cost-effectiveness, in contrast to a general-purpose microprocessor (the kind used in a PC)...

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