To anyone who has the time and most important of all, answers! #happy

I am just in the middle of my 2nd year at Shifa College of Medicine, Islamabad. I thankfully came through my first proff part 1. Initially in my first year apart from getting through it I had nothing else on my mind as our curriculum was really loaded in that year. So now in the 2nd year I have a few questions.

1) What is the difference between an internship, an observership and an elective?

2) What is the best time for me to do them? At Shifa, we are given time for our electives in 5th year.

3)Should they be done from our on hospital or from other city/hospital/or from abroad? Does it really matter?

4)How much do they count?

Thanks to anyone who can answer these questions...#baffled