What is meant by Priority and severity?

Severity:
1. This is assigned by the Test Engineer
2. This is to say how badly the deviation that is occurring is affecting the other modules of the build or release.
Priority:
1. This is assigned by the Developer.
2. This is to say how soon the bug as to be fixed in the main code, so that it pass the basic requirement.
Egg. The code is to generate some values with some valid input conditions. The priority will be assigned so based on the following conditions:
a> It is not accepting any value
b> It is accepting value but output is in non-defined format (say Unicode Characters).
A good example I used some Unicode characters to generate a left defined arrow, it displayed correctly but after saving changes it gave some address value from the
Stack of this server. For more information mail me I will let you know.