Airline seating classifications - meaning?

Premium Economy means you are still seated in economy but will be in a seat with more leg space. It will cost a little more than an economy seat.

Business class will have larger seats, more leg space and more things included like snacks, drinks and wifi, but will cost quite a bit more than economy or premium economy.

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Premium Economy means you are still seated in economy but will be in a seat with more leg space. It will cost a little more than an economy seat.

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On international flights, premium economy is an entirely different product and class from regular economy. The seats and leg room are more like domestic first class. Won't be lie flat, but more recline, more legroom, usually a foot rest, and a big seat. On some airlines the service and food will be better as well.

Business class on most international flights will have a lie flat seat, significantly better service, better food, better alcohol options, and lounge access.

It depends on the airline.
Forget about first, unless you’re renting a middle eastern airline apartment on points. Lufthansa first differs from business on a 747-800 involves a rose and …?

Premium economy on Singapore got me a slightly bigger seats, and then arm rests I couldn’t move. The people behind me in economy could move their armrests and lay down in the mostly empty rows between Houston and Manchester. YMMV.

Given your level of inexperience, I’d probably just book economy in the biggest plane you can (777 over an A321LR, etc) and pay to select your seat at booking. Use seatguru before you book to figure out if your “deal” means you’re sitting in a row without a window, or a seemingly regular seat that is reduced width because of in arm entertainment systems, etc.

Every airline is obviously different, and they'll all have an explanation of all of the above on their website usually at the search page.