A layout is a collection of map elements laid out and organized on a page. Common map elements include one or more data frames (each containing an ordered set of map layers), a scale bar, north arrow, map title, descriptive text, and a symbol legend.
Layout view is where you add map surrounds, frames, graticules, and other finishing touches to a map. What you see on the layout is what you get if you print or export the map to the same page size.
Learn more about laying out and printing mapsFeedback on this topic?