What is Domain and Web Hosting and what is the difference between them?

Domain:
In simple word, domain is the address of your website that people type in address bar in browser to visit the website.
If your website is a home then domain is the address of the website. A domain name is like a street address that directs people to your website's location.
 

Domain Registration
Internet addresses are technically “IP Addresses.” IP addresses are a long series of numbers that make no sense to humans. This IP address is a combination of numbers separated with dots. Typically, IP addresses look like this:
122.249.16.234
Computers have no problem identifying and remembering IP address. However, it is very difficult for humans to remember and use these numbers to connect to websites on the internet. Resulted, domain name were invented.
When you register a domain name, you are renting it from the Internet Corporation for Names and Numbers (ICANN). ICANN provides domains via approved registrars. Your registrar will be your domain host.
 

Web Hosting
Web Hosting is an account on a web server that stores/host your website files. It is likely your home and this is the place where your all website file lives.
A good way to think about this is if the domain name was the address of your house, then web hosting is the actual house that address points to. All websites on the internet, need web hosting.
When someone enters your domain name in a browser, the domain name is translated into the IP address of your web hosting company’s computer. This computer contains your website’s files, and it sends those files back to the users’ browsers. 
A domain is an “address” on the Internet. Hosting is the “land” or space where your website files live.
DNS Domain name system is a system that actually work for translating your domain name into an IP address. The shorthand term is “nameservers.” It will also store records to send other requests, such as email addresses to the right server (known as an MX record).

There are 2 types of web hosting. First one is shared hosting and second one dedicated hosting.
Shared hosting is something where user does not get Cpanel and server used as shared basis where lots of website are uploaded. On the other hand, dedicated hosting provides cpanel to client and where user will get dedicated server and user can download their files from server.