The accordion component delivers large amounts of content in a small space through progressive disclosure. That is, the user gets key details about the underlying content and can choose to expand that content within the constraints of the accordion. Accordions work especially well on mobile interfaces or whenever vertical space is at a premium.
Chips are compact elements that represent an input, attribute, or action. Chips should appear dynamically as a group of multiple interactive elements. Unlike buttons, which should be a consistent and familiar call to action, one that a user expects to appear as the same action in the same general area.