bit
byte
kilobyte (kB) = 1,024 bytes
megabyte (MB) = 1,024 kB
gigabyte (GB) = 1,024 MB
terabyte (TB) = 1,024 GB
petabyte (not pettabyte) (PB) = 1,024 TB
exabyte (EB or XB) = 1,024 PB
zettabyte (ZB) = 1,024 XB
yottabyte (YB) = 1,024 ZB
I find the mis-ordering of XB YB and ZB disconcerting, but I wasn't consulted when they were established a few years ago. If you were counting, a yottabyte is about 1.2E24 bytes. That is almost exactly twice Avogadro's Number (6.024E23), which is the number of atoms in one mole of a substance. A mole of carbon weighs 12 grams. The current world data store (Feb 2011) of data held electronically is about 0.8 ZB.
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They are all units of measuring file sizes. A bit is extremely small, while a exabyte is ungodly large. Kilobytes, megabytes and gigabytes are the most common sizes that you will encounter.