Understanding little-o and big-o intuitively?

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We have that

$$ \lim_{x \to \infty} \frac{x^a}{b^x} = 0, \quad a > 0, \quad b > 1$$

So we say that $b^x = o(x^a)$. Meaning that $b^x$ is of higher order that $x^a$.

Q1: What does it mean to have higher order intuitively? Does it mean that one increases/decreases faster than the other one increases/decreases?

Q2: The formel definition have a mathematical structure called an epsilon function.

$$f(x)=\epsilon(x)g(x)$$

What is the epsilon function in my example?