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Your Apple ID (also referred to as your US iTunes Account) is your identity and account for all things relating to Apple. Your Apple ID is for a specific country. Services and content differs from country to country.
It is where you purchase content and apps for your iPad, iPhone, or iPod.
The iTunes Store is split into a few stores:
In iTunes on your computer you will notice that the "iTunes Store" contains all these stores.
On your iPad, iPhone, or iPod you will notice that each of these stores are separate apps.