SATA and PATA hard drives

To be honest, I only know a thing about SATA and PATA that is, they are the type or versions of hard disk. I want to know what is the actual difference among SATA and PATA and what do they stand for? Are SATA more expensive than PATA? Which has more data processing capacity? How to distinguish among them and finally which is good? Please, I want all these questions answered to my better understanding about hard disks.
