What is Page rank, what are back links and why

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What is Page rank, what are back links and why do they matter ?

First, the jargon.
Back link: this is where a website links to your site; i.e. Site X has a link pointing to your site, so your site has a back link from Site X
One-way link: where only site X links to your site, but your site does NOT link to site X
Reciprocal link: where two sites have swapped links so they both link to each other
Anchor text: the text/description that is associated with your link on the back link site.
Page rank: Google’s proprietary system for assigning a value (from 1-10 where 10 is best) to the combined number and the quality of back links pointing to your site. Often abbreviated to “PR”
Search Engine Results Page (SERP): we use the terms “SERPs” to refer to the search engine results page, and the position of a site on it. So if a website has a SERP of 3, it means for a particular keyword search it appears on page 3 of the results. Note that some people use SERP to refer to the position on the page, so that a SERP of 3 may also mean the site appears at #3 on the first page.

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