Whats the best way to backup my DVDs?

So I've just got my Mac and I love it. I'm new to the apps and can't seem to sort out the burning DVD's into a format that I can burn onto a 4.7g DVD. Back in the PC days I'd simply compress and encode with DVDShrink and burn w/ Nero. Now I'm a wee bit lost and ready to get back on track. I need a program/s that will copy my purchased DVDs. and allow me to make copies to play in regular old DVD player.
Thanks