The Dropdown component is a great way to display a list of choices in a limited amount of space. The current selection is shown, and the choices are presented when the user clicks on the dropdown button. There is also the capability to search for an element by typing the name of that element in the dropdown field. If the element is present, it will appear as you are typing and you can select it. If the element doesn't exist, you can define text to display that the text is not found by configuring the noResultsText property.
The choices that are displayed in the Dropdown depend on what Elements are defined in the options property of the Property Editor. The placeholder property defines what text is shown before any of the choices are selected. For example, you can have the word 'Select...' to inform the user to select any of the Elements from the dropdown list.
There is also a multiSelect property which allows the user to select multiple elements from the dropdown. Selected elements can be deleted by clicking the 'x' icon.