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bare repository
This contains just the files necessary for git to track changes.  It is equivalent to the .git directory in a working copy.

When a repository is first cloned, its source is set up as "origin" or "remote/origin".

This is the primary branch when you make a git repository.  In subversion, this would be called "trunk" and in cvs it would be the branch whose version has just one decimal point.

working copy
A checked out git repository where you can work on the files.  Alternately, you could have a "bare repository".  There will be a .git directory that contains all of the repository's information.