OK- that should be long enough. UAC is essentially protection from System files being played with and blocks files that request advanced privileges (Admin functions). Even if you start an application like Task manager that basically inventories critical system functions an alert will be triggered.
Microsoft incompletely puts it thus: "User Account Control (UAC) is a feature in Windows that can help you stay in control of your computer by informing you when a program makes a change that requires administrator-level permission. UAC works by adjusting the permission level of your user account. If you’re doing tasks that can be done as a standard user, such as reading e‑mail, listening to music, or creating documents, you have the permissions of a standard user—even if you’re logged on as an administrator."
Please understand malware that avoid doing these things will run quite nicely, and sadly the great bulk of malware that's in the Wild will never trigger a prompt from UAC.
1). Keyloggers- These nasties usually have three components- the keylogger itself that will hook on to (normally) the keyboard, recording strokes in some fashion, an autorun component (so the recording can proceed even after system shutdown), and coding to allow the recorded data to be transmitted out. As no privilege elevation is needed and no install routine is done, UAC will totally ignore most well coded keyloggers.
2). System File Zappers- as this type of malware attempts to screw with System files, UAC will not only block this action, but do it totally silently. Note that on Win 7 this is done at any UAC level above Never Notify. whereas with Windows 8 the action will be always blocked even at what is perceived to be the UAC off level of Never Notify (you can't really totally kill UAC in Win8 without much playing around which only the totally frayed would even want to do).
3). Ransomware Encryptors- This type of malware does nothing more than do a search for certain file types like documents, pictures, email, etc. As it avoids things like exe. sys, dll, UAC couldn't care less. When the ransomware files and encrypts these files it can be viewed as a simple manipulation (like a user changing a Word document, editing a jpeg, or deleting an email. None of these actions need Admin functions, and nothing disturbs Sytem files.
So- UAC allows both keyloggers and Encryptors, and only blocks Zappers.