The point is a unit of length in the field of typography and uses the symbol pt.
It is the smallest unit in the world of typography. There are 12 points in a pica.
In physical printing methods / press systems, the point size is the height of the metal press body on which the font's letters are made. When applied to the digital type space, letters are designed around a theoretical size, an em square which is scaled to the relative point size (when specified of course!).
The inch is a unit of length in the imperial unit system with the symbol in.
There are 12 inches in a foot and 3 feet in a yard. Therefore there are 36 inches in a yard. There are exactly 2.54 centimetres in an inch.
Borrowed from the Latin 'uncia' - the English word 'inch', the origination of the word came from the Old English word for 'ounce' which was related to the Roman phrase for "one twelfth".
The inch is still a commonly used unit in the UK, USA and Canada - and is also still used in the production of electronic equipment, still very evident in the measuring of monitor and screen sizing.