The Difference between World space and Local space, at least in the 3D world.

World space refers to the entire infinite possible space that 3d modelers work in, essentially everything contained in the viewport, regardless of position. 

Local space is the actual definite coordinates of an object along the x, y, and z axes; ie the actual workspace used by a modeler. The entire area of world space surrounds and rotates around this point, also referred to as Object space.