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When setting up a website for yourself (or your company),
Hosting refers to you buying a server space from companies like hostgator.com or godaddy.com to store the files that your website would need to function (for e.g. images, text etc)
Domain name refers to you choosing a relevant and easily understandable web address (e.g., https://www.amith.in) that reflects your business name or identify. (for example, if your business is called “Google” then you should ideally by shopping for a domain name called https://www.google.com/). In most cases, the companies that offer you hosting will also offer domain name purchase. Usually, the payment is annual.
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