Better understanding of Drupal behaviors

I read about Drupal behaviors today, and I tried writing the following code. (function ($) { Drupal.behaviors.mymodule = { attach: function (context, settings) { $('#mymodule_id', context).change(function () { alert('Handler for .change() called.'); }); } }; }(jQuery)); Is Drupal.behaviors.mymodule the namespace? What are the context and settings parameters passed to the Drupal behavior? Is this t