Licensing refers to applying a license to an area of software. Only use this tag if your question concerns the application of a license to an area of interest. If your question concerns a specific license, use the tag that corresponds to your license. For more general questions, use this tag.

A license is any notice that governs and rules a set of terms and conditions, outlining the rights of the licensee and licensor towards a certain area of interest or work.

Licensing refers to applying a license to a creative work, be it software, images, hardware, or any other licensable object.

A software license is a legally binding agreement that specifies the terms of use for an application and defines the rights of the software producer and of the end-user. -- source

Generally speaking, a license defines the terms and conditions under which a third party can make use of the licensor's intellectual property.