I view components as a set of binaries, .exes and .dlls or ,jars that make up a runnable part of an application. Components can consume other components. For example, the date time component can consume the logging component.
A well architected component will avoid circular component dependencies, even if the dependencies are removed by several layers. Circular component dependencies will cause headaches in the build and in the deployment process. Make a new component if you run into circular dependencies that way it can be reused correctly. You want see a component hierarchy that has all the relationships going in one direction.
