Bookmarks are the term that Mozilla Firefox uses for shortcuts to webpages that you would like to remember.

Whereas, Favorites are the term adopted by Microsoft’s Internet Explorer for the same purpose.

When you are on a website which you think you may want to revisit later on, you simply click on the Bookmarks or Favorites menu (at the top of the window), and click the “Bookmark this page” (for Firefox) or “Add to Favorites…” (for Internet Explorer). Later on, when you want to revisit the same site, just click on the respective menu, and click on the link found there and your web browser will bring you back to that site/page.