Power supply is 120 v RMS (170 v peak) at 60 Hz..
1. A transformer steps the AC voltage down.
2. The four diodes form a full-wave bridge rectifier, which converts the sine wave to positive cycles.
3. The 1000 uF capacitor, when connected by the switch, filters the voltage to a more stable DC voltage. You can also add a series inductor to help filter out the ripple.
What happens when the load is increased? You can simulate an increased load by turning on the second switch to connect the 100 ohm load resistor.