A point is 1/72 of an inch of height and this type of measurement is generally used in printing and formatting documents. This measurement is normally seen as a sub-unit of a pica, which is made up of 12 points or is 1/6 of an inch in size.
The term pica is used to reference other measurements in printing and typesetting besides the font size. Normally, it is used in reference to margins and page width. The term "point" does refer to type sizes. An example of this is setting a font to 72-point type face. The printed letters in this size will be 1 inch in height. The typical font type used in standard print is 12 point.