All rows and columns and content blocks (text, images, video, etc) provide the ability for you to adjust the margins and padding, or apply a border.
Margin: this is the amount of space outside the Row, Column or Content block
Padding: this is the amount of space inside the Row, Column or Content block
If you are going to setup complex content layouts, it is important to understand how margin and padding work, and why you would use them.
Padding and margins are very similar, and it can be difficult to know which one you should use. The basic purpose of both is to change the amount of space between elements on the page, and change their positions by creating or minimising whitespace.
To understand the difference between padding and margins, you should first know how elements are displayed on the page. An element (text, images, video ,etc) on the page, is made up of: the content itself, space around the content, a border around the content, and space between the border and the border of the next element. Padding affects the space between the content and the border. Margins affect the space between the border and the next element. In some cases the border may not be visible, but will still be affected by padding and margins.