Preamp and Power Amp
A guitar amp has two tone-shaping stages, and understanding which does what helps make sense of nearly every amp discussion — from setting gain to the question of why an amp only sounds "right" when loud.
Preamp — Shapes the tone and, on most modern amps, creates the distortion. This is where gain, the tone controls (bass/mids/treble) and often multiple channels live. Lots of preamp gain gives high-gain sounds even at low overall volume — the reason modern metal amps break up quietly too.
Power Amp — Brings the signal up to speaker level. On tube amps the power stage contributes its own saturation character, often heard as especially "fat" and dynamic — but it only appears at high volume. This is the core of the old "my amp only sounds good loud": what's meant is usually power-amp saturation.
Why it matters in practice — Anyone wanting the power-amp sound quietly uses an attenuator (braking the power between power amp and speaker) or an amp with switchable output. Anyone needing only preamp breakup can get there quietly too. Effects loops usually sit between preamp and power amp so that time-based effects like delay land after the gain.
Both stages together make the "amp sound" — which is why the same preamp sounds different through different power amps and speakers, and why an amp is heard as a whole, not as a sum of spec-sheet numbers.