The lac operon consists of several components on the DNA: a promoter (where RNA polymerase binds), an operator (where the repressor protein binds), and three structural genes (lacZ, lacY, lacA). The regulator gene (lacI) codes for the repressor protein but is typically located upstream and is not considered part of the operon itself. The inducer (allolactose) is a molecule that binds to the repressor protein, inactivating it. It is a signaling molecule, not a physical part of the operon's DNA sequence.