I need some help.
I'm looking to make my own website, but I need to understand how the physics of it all works.

Can someone explain to me what buying a domain name, buying hosting space, server space, and all that means?

For example. If I were to buy www.abcdefg.com (example), where do I edit the source? On which server does the website exist?
My question more specifically is if I had the domain name, but not space to make the site, where do I go to build a website to later redirect the name over to that site.

I hope you understand my question and can help. Thanks.