Stolen from seomoz's tutorial about Domain authority this is what it means:
"Domain Authority represents SEOmoz's best prediction about how a website will perform in search engine rankings. Use Domain Authority when comparing one site to another or tracking the “strength” of your website over time. We calculate this metric by combining all of our other link metrics (linking root domains, number of total links, mozRank, mozTrust, etc.) into a one single score."
And Page rank according to seomoz again is:
"Page Authority predicts the likelihood of a single page to rank well, regardless of its content. The higher the Page Authority, the greater the potential for that individual page to rank well in search results."
The diagram (I made! thank you! thank you!) here is a pretty good illustration of the factors affecting Domain Authority and Page Ranks.
