Clasic RS Flip Flop. In the real world either the red or green LED would light randomly at power on not as here where both are sort of on. That said top button is set and bottom is reset. One of the prime characteristics of the RS Flip Flop is once the circuit is Set or Reset that state is locked until it's commanded to change at the input. So this circuit can remember things. Upgraded versions of this are used in computers so they can remember things as well.
