The balls with hairs are actually the calyx. Buds per se are essentially clusters of these calyxes and associated plant material, and can range from very small to huge, and I'd say that your plant is like one huge bud. When it's ready for harvest you hang it upside down to dry for a couple weeks, then you trim off the leaves that are sticking out from the bud, and there you go, one bud ready to smoke. The trichomes grow on the calyxes and nearby leaves and such, and are called capitate stalked trichomes, and the THC is mostly in the bulbous head that forms the top part of the trichome, so be careful not to rub off the trichomes.