Both of these terms describe the pushing of a promotional products material to a level not equal to the original surface.
ie - an Indentation is made in the surface of the item.
These are done with dies and counter dies and the product is squeezed between the two of them with heat and high pressure
Embossing represents pushing the area around an image below the surface, so your logo appears to be raised..
Debossing is pushing your branding below the level of the product surface.
Think of it this way...You are walking along and fall in a hole. That is debossing.
If your walking along and all the sudden come to a hill that is embossing.
Both are neat effects that you can use in your promotional projects to accent the piece.
Both are done blind(no ink)