What is List? and What is Library in SharePoint?

SharePoint List :

• Lists are a key, underlying feature of your SharePoint site. 
• A list is a collection of data that you can share with team members
• Lists have columns, which define the attributes that you want to record about each item in the list.
  

  SharePoint Column Data Types

  Column Data Type*	What It’s Used For	Display on Form
  Single Line of Text	Display text and numbers (such as phone or course numbers, or zip code) up to 255 characters.	Single line text box (The text box may not show all 255 characters.)
  Multiple Lines of Text	Display multiple lines of text.	Select from Plain Text, Rich Text, or Enhanced Rich Text. Depending on the number of lines you select, this option shows as a text area of that size with additional toolbars to format text.**
  Choice***	A defined list of choices; for example, categories or departments.	Drop-down list is the default and most common.
  Number	Numerical values that can be used for calculations.	You can identify a min/max value number with a choice of decimal options.
  Currency	Numerical values that represent money.	You can identify a min/max value currency. Includes options for decimal places and currency format.
  Date and Time	Dates and times.	Date and/or Time-Calendar Picker.
  Lookup	Values from another list — for example, categories could be stored in a lookup list for document metadata.	Drop-down list populated based on values from other list.
  Yes/No	Boolean value of Yes or No.	Check box.
  Person or Group	Directory listing information from SharePoint.	The person or group is shown as a hyperlink and can include presence information.
  Hyperlink or Picture	Hyperlink (internal or external) or an image.	Hyperlink or picture.
  Calculated	Data that can be calculated by formula.	Result of calculation; can be text or numerical.
  External Data	Data stored in a data source; for example, a table or view in an enterprise database.	Text.
  Managed Metadata	Provides a common set of keywords and terms that can be used across the organization.	Text.

SharePoint Library :

• A SharePoint library is a place on a site where you can create, collect, and update files with others
• Library is on a Web site, other people can easily access the files using a Web browser, provided they have the permissions to do so.
  

  Type of Library	Description
  Asset Library	Asset Library allows you to create a rich media library and lets you create, browse, share, organize and mange images, audio and video files.
  Data Connection Library	Here you can create, browse, share, organize and manage files that contain information about connecting to external data connections.
  Document Library	Here you can create, browse, share, organize and manage documents or other files. It also allows creating folders, versioning of documents and check-in/check-out of files.
  Form Library	Here you store and manage Microsoft Office InfoPath forms (or XML files for use with Microsoft Office InfoPath) for instance business forms like a status report, purchase orders, etc...
  Picture Library	Here you can upload and share pictures with others and it includes a built-in image viewer.
  Report Library	Here you can create web pages and reports to track business metrics, goals, KPIs (Key Performance Indicators) and business intelligence information.
  Slide Library	It allows you to create a library for storing and sharing Microsoft PowerPoint slides.
  Wiki Page Library	It allows you to create and store customizable pages of content that are linked together and can be edited by several people.