All rusting is oxidation, but not all oxidation is rusting. When iron rusts, FeO (iron oxide) is formed. Carbon can be oxidized forming CO2. Hydrogen can be oxidized forming water, H2O. Oxygen...
In general, oxidation is the loss of electrons and reduction is the gain of electons. When something is oxydized, the oxidation number will increase and when something is reduced the oxidation number...