Port no is reserved for various protocols.Like just for example say if ur making an application in php using XAMPP then it is assigned a port no 80. It turns our PC into a localhost. Tis is just for example. By default some protocols r assigned Port no's. (There r many protocols such as FTP, HTTP d list is endless).
In a network to identify a node IP address is just like d identity card. IPs are not permanent in nature. However MAC address is. Ips may change in case d user leaves a particular ISP(Internet Service Provider).
I hope u r satisfied with d descp. :)