A collection is a group of items, that have the same set of field. Every item uploaded to your digital repository will be part of a collection. For instance, you could have a "paintings" collections, with field such as Title, Author, Country, Tecnique, etc and another collection for "films", with Title, Director, Country and Genre.
For each collection you can set a different set of field and they can share common taxonomies, which means you could browse for items in a specific Country, and get both paintings and films in your results.
Items are the actual content of yout repository. The painting, the film, the book and so on. They belong to a collection and have all the field configured in the collection.
Each field has a set of settings. Is it required? Is it supposed to be unique (an ID number for example)? Does it accept multiple values? What is it Field Type? (see the complete list of field attributes).
Field types are the objects that represent the types of field that can be used. Examples of Field Types are "Text", "Long text", "Date", "Multiple selection (checkbox)", "Relationship with another item", etc (see full list).
Filter types are the different types of interface to filter items in a collections based on one specific Field. Examples of Filter Types are "text", "datepicker", "date range picker", "number range slider", etc.