Types of links

1) Basically there are two types of links:-

          -Inbound/BACKLINK links(To Yours)
          -Outbound links(From Yours)

2) What is Inbound links / BACKLINKS ?
    
          -They are those links which come from external to ours.

3) What is outbound links ?
       
          -They are those links which starts from our site and leads to an external site.

Example explaining Above concept-
       
          - if cnn.com links to yourdomain.com,
         
THEN, 
          - the link from cnn.com is a backlink(inbound) for yourdomain.com---BACKLINK

          - the link is an outbound link from cnn.com's perspective