Vector Art:
Vector graphics is the use of geometrical primitives such
as points, lines, curves, and polygons, which are all based upon mathematical equations to represent images in computer graphics.
It is used in contrast to the term raster graphics, which is the representation of images as a collection of pixels, and used as the sole graphic type for actual photographic images.


The parameters of vector objects are stored and can be later modified. This means that moving, scaling, rotating, filling etc. doesn't degrade the quality of a drawing.

Common vector file formats:
EPS (Encapsulated PostScript)
WMF (Windows Metafile)
AI (Adobe Illustrator)
CDR (CorelDraw)
SVG (Scalable Vector Graphics)

Raster Art:

A raster image is a collection of dots called pixels. Each pixel is a tiny colored square. When an image is scanned, the image is converted to a collection of pixels called a raster image. Scanned graphics and web graphics (JPEG and GIF files) are the most common formats for raster images.


Common raster image file formats:
BMP (Windows Bitmap)
PCX (Paintbrush)
TIFF (Tag Interleave Format)
JPEG (Joint Photographics Expert Group)
GIF (Graphics Interchange Format)
PNG (Portable Network Graphic)
PSD (Adobe PhotoShop)
CPT (Corel PhotoPAINT)