The Website Source form is an editable representation of your web site. It reflects both the colours and visual style of the published web site, and also the structure. Each page of the web site is represented in the form as a box which may contain one or more content items. Each content item is represented in the form by a box inside a web page box.
By "content item" we just mean a single piece of information. It might consist of just one sentence, or one paragraph or many related paragraphs, or an image or both text and an image. It is the base unit of information which may be included in the web site.