Each page in your site should have a unique title and description tag. Both tags are contained in the <head> section of your pages, and are formatted as follows:
<title>The title is contained in brackets like this.</title>
<meta name="description" content="The description is formatted like this.">
The title shows up as the words in the blue bar at the top of your browser. It is also used as the title of search engine results. The description isn't visible unless you look at the source code of the page, but it (or part of it) is usually used by the search engines as the description search results.
The title tag is actually the most important bit of text on your page. The title tag of your home page should contain your most important two or three keyword phrases (as long as you don't exceed 75 characters). This will help you achieve high rankings for those keywords (along with other factors, such as link popularity). It is a mistake to merely put your company name or words such as "Home Page" in your home page title tag. The title tags of the other pages in your site should contain the one to three key word phrases most characteristic of each page (and contained in the text of each page).
Each page should also contain a unique description tag, no longer than 150 characters, including spaces. Use one to three keyword phrases representative of the page prominently here. Write your description so that it will entice people to click on your listing in the search results.