The difference is clear to most people who have already learned about Search Engine Optimization, but it is very common for newbies to mix the 2 up.

Before you ask a question about pagerank, make sure you get this right

PageRank is purely the measure of your inbound links, the google toolbar provides a visualisation of this value. (and yes, outbound links make this value lower). The reason it's called pagerank is because the guy who invented it, is called Larry Page.... wich is probably why it confuses many.

Your page's rank is simply the slot your page sites in, in the search engine results page (or SERP) for a certain term.

Great peach! All n00bs will get link to this topic.

Thanks for that information, helps a lot of people. Although PageRank doesn't mean "Page" (websitepage)'s Rank. Its name after the guy who started this whole thing I believe or something. But I know its someone's last name

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If you read the first post it actually says its named after Larry Page.
He is one of the founders of Google.