Over the last few years, our very own Collin Cunningham has authored a series of awesome videos called MAKE Presents. Each video covers an electronic component (and one fundamental law of electronics). Understanding how these components function, and that law, are important first steps in understanding electronics. Here are all of the MAKE Presents videos to date. Collin is currently working on an episode on the basics of using a digital multimeter (the Swiss Army knife of electronics testing tools).
Skill Set: Understanding electronic components