As much as I hate to admit it, I am not very tech savvy, and as such, I am fairly confused about the concept of the blockchain. I understand that the chain holds information about previously approved transactions that are grouped together into blocks. How exactly are these blocks formed? Also, does each transaction have its own hash? If so, how are all of the hashes grouped together into one has for the block?
How exactly are these blocks formed?
First a miner decides which transactions to include in their block (usually they run algorithms that maximize its profit), and collects the transactions fees in the block.
Also, does each transaction have its own hash?
Yep, transactions are named with their hash. For example the transaction
c58523726c33e982a69ff092f56d782790ece31185bd4b824e36002e5f507e1e is called
If so, how are all of the hashes grouped together into one has for the block?
That's a complex process named "Merkle root".