As vector, you can resize it, change color, position anytime you want till type is on own layer and is not rasterized (to apply gradient to type you must first rasterized it).
Photoshop have Horizontal Type Tool and Horizontal Type Mask Tool which you can use to type text in Photoshop.
Type Tool is how you type letters, numbers, symbols, etc into a Photoshop document. Side note: Photoshop 7.0 is 11 years old.
psd is a photoshop extension and can be opened with photoshop or photoshop elements.
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Go to Help > Photoshop Help and type Keyboard shortcuts.
Portable Document Format. It's like an un-modifiable text document. Photoshop can output to it.
Image enhancing and manipulation software.
Adobe InDesign or Photoshop
Image editing software.
Find the picture and right mouse click on it select copy and then paste. Remember that Photoshop pictures when saved are defaulted to its own PSD file name. If you want another file type you must load the picture in Photoshop and then you must "save as" what ever picture type you want
Tools are essential to work in Photoshop, there are Move tool to move objects, Type tool to type text, magic wand to create selections, zoom tool to zoom image in and out and many, many more.
It is both. An 'application' is a type of software.