Description
Pages are used to add static non-chronological content to your site like about, contact etc in contrast with posts which display in reverse chronological order on your blog page or posts/blog sections.
Pages can be added to menus but by default don't have taxonomies like categories or tags.
They also don't have comments enabled by default.
Except these differences they have the same functionallity as posts.
Taxonomy
Default taxonomy for pages are menus