I know a word is more specific compared to a term but i don't know which one is definitive or the actual meaning of the two.
A word is language that is officially accepted,has an official definition, and is understood the same by everyone in general. A term is language used formally or informally that may be understood among some or a specific group (such as within an industry, a gang, a culture) but not everyone. For example slang.
We say "term" when discussing a word that has a specific meaning in a special context. Like someone might say, "What is the term in chemistry for a substance that ..." "Word" is more general. "The" and "dog" are words. You'd rarely refer to them as "terms".
Also, a "term" can be more than one word. Like you might say, "The term for that is 'style injection'", i.e. two words making up a single term.