From icann (
http://www.icann.org):
Each domain name is made up of a series of character strings (called "labels") separated by dots. The right-most label in a domain name is referred to as its "top-level domain" (TLD).
The DNS forms a tree-like hierarchy. Each TLD includes many second-level domains (such as "icann" in "www.icann.org"); each second-level domain can include a number of third-level domains ("www" in "www.icann.org"), and so on.