This is your
home directory. On OSX, it's the same as /Users/<your username>
This is the
root directory.
On Linux and some flavors of Unix, /home is the directory where all users' home directories are located. While OSX does have a /home directory, local users' home directories are at /Users and not /home. I've never used /home on OSX but my guess as to why it's there is for remote mounted home directories, remote users, directory services, etc.