The first time I really encountered object with bearings and was wondering about what they really are was about 3 years back when I was on inline skates with a classmate. There was a nice long and smooth downhill and we both drove down without much beforehand added speed. Soon he was going way faster and was still moving many seconds after me. At that point when we started to talk about it, I thought than my inline skates do not have any ball bearings, which I now think is not true, he only had clean ones since his skates were new. Probably without bearings the skates would not work.
Ball bearings are small balls (often from metal) enclosed between two spaces that are supposed to rotate, for example on some axis. It is possible to just leave the two surfaces touching but then they just rub against each other which causes high friction. The important part is that the balls as you can see on the left, rotate, they do not slide and when circular object is only rotating instead of sliding it does not experience much of a resistance. Try it yourself. Take a pencil and toss it across table so that it does not start to turn (parallel with the direction of the movement). Remember the distance where it got and try the same thing but this time perpendicularly and see how far it gets, that is exactly what the bearings are doing.
There are lot of types made for different purposes. Since the bearings have much lower area with which they are touching they do not distribute pressure so well, also they might need cleaning often or lubrication. In fidget spinners you will of course find bearings. The ones that spin very long time are the ones with ceramic bearings.