A function sends one set of numbers to another set of numbers. We call these sets of numbers the domain and range respectively.
For example, the function f defined by the relation f(x) = x2 sends some numbers (the x's) to some new numbers (the f(x)'s, or y's if you like). Which x's is this function defined for? That is, what is its domain? Well, I'm pretty sure we can square any real number, so the function is defined for all real numbers, or equivalently, the domain of f is all real numbers (often denoted by blackboard bold R). Where does f send these real numbers then? That is, what is f's range? Well, 02 = 0, 12 = 1, 22 = 4, (-1)2 = 1, (-2)2 = 4, and so on. It looks like f sends all the real numbers to the non-negative real numbers. That is, the range of f is all non-negative real numbers, or {x in R : x greater than or equal to 0}.
You can apply the same ideas to the 1/x example already given.
Good luck.