A domain is an internet address that leads to a web server. This server stores the respective contents, services and offers that you publish on your domain, i.e. the content that makes up your entire website. If you enter an internet address in the search bar of your web browser, you can retrieve the data that has been provided on the respective server. Providing adequate storage space on a web server is called hosting.
what is a domain name and how does it work
That said, not all web hosts offer email. WP Engine, for example, does not. In such instances, you must email accounts from a company other than your web host. GoDaddy, for instance, sells email packages starting at $3.49 per user, per month. That might sound like a hassle, and just one more thing to keep track of, but there are actually some webmasters who feel that separating your email hosting and web hosting services is smart. That way, one provider going offline won't completely bork your business.
On the topic of dedicated hosting, many web hosting services also offer managed hosting. This type of hosting sees the web host act as your IT department, handling a server's maintenance and upkeep. This hosting option is something that you'd typically find with dedicated servers, so it's a business-centric addition. Naturally, it adds a few bucks to the hosting cost, but nothing that should break the bank if you have the resources for a dedicated server.