Short Answer
Well, three ways philosophers usually answer the question of 'what is it' are names, definitions and descriptions, and explanations with the first being the briefest and the last being subject to a lifetime of study.
Long Answer
The question of 'what is it' falls under the domain of ontology. For thousands of years, philosophers have wrestled with the way to answer this question, but generally, most times when the question is asked, one is most interested in identity. It is the trivial case. What is it? A book. What is it? The tangent squared. What is it? I don't know what it's called; and generally we can tell the difference between things using Leibniz's Law. Of course, philosophical identity can get tricky, such as with both the sorites paradox and Ship of Theseus thought-experiment.
But after moving beyond simple questions of identity and identifiers which was a topic of interest often explored with the terms sense and reference, the next step is usually a brief description called a definition. Of course, there are many types of definitions: ostensitive, intensional, extensional, circular, genus-species, precising, and so on. What is it? ~Points to the flowers.~ What is it? The class of all featherless bipbeds. What is it? The set of 24 dishes: 8 cups, 8 saucers, 8 bowls. What is it? The class of persons born on October 23rd, 1999 who currently resides in the boundaries of the city of New York with a height under 6' who owns a dog. Often times, the use of sufficient and necessary conditions can be used, but that sort of definition often leads to loopholes due to the ambiguity which inheres in natural language. Another type of definition is the prototype definition. Descriptions are essentially detailed narration that go above and beyond the succinctness of a definition.
Lastly, (and my favorite, much to the chagrin of my wife) one has explanation which many people characterize with different methodologies and definitions. For instance, there is theological explanation, explanatory myths, lay-person explanations, metaphysical explanation (SEP) and scientific explanation (SEP). And naturally, among each category, one finds various methodologies. See Which Question Is Right for Functional Analysis? (PhilSE) for a brief discussion of one form of scientific explanation.
So, my question is should we take things like electron, quarks, space, time, consciousness as undefinable quantities which just exist?
Well, that depends on your metaphysical preferences. Kant defined space and time as forms that concepts take that inhere to the property of the mind. A scientist will tell you an electron fundamentally exists within a standard model or system of particles. It's up to you to decide what requires explanation and description and which is brute fact. What you should do with philosophy, in fact, is a normative question studied in metaphilosophy.