What is the use Yahoo domain

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Hi friend, Regularly I am observing that yahoo offer a domain at @ 1.99 per year, what is domain and what is hosting. Is there any difference between domain and site, I wish to promote a site/domain of gift portal business for only our Kadapa district. Because there are lot of people of kadapa working in gulf, so I can expect some business from gulf to Kadapa. Yahoo can make a site or domain for me with required information? please share with me all the information.