listsĀ 

The drop-down and the list work together to navigate folders.
When the drop-down displays:

When you click the drop-down, you see the path of the displayed item in reverse order. For example, if the drop-down displays a subfolder, when you click the drop-down, you see the name of the folder that the subfolder is in, followed by the name of the volume that the folder is on, followed by Volumes.

Open

Use this button to open the item selected in the list.