So, answering your question...
You can replace the hard drive with a standard SATA SSD-
https://www.ifixit.com/Guide/Mac+mini+Late+2014+Hard+Drive+Replacement/32815
Review those disassembly steps to see if you will be comfortable inside that small space. Lots of potential to accidentally damage some of the tiny connectors - but still doable when you take your time.
The RAM is soldered to the logic board, so
no upgrades are possible there.
(Replacing the spinning hard drive with an SSD will do wonders for the speed, and that may be all you need to do. You COULD also leave the hard drive in place, and use an external USB 3 SSD for your booting drive, which will give you most of the speed of an internal SSD upgrade