@terkerjerbs I was kind of hoping you'd get a reply to this right away. I like to think I have some technical skillz, but social networking services are not my thing. The only social-like service I ever had an account on was Facebook, and that is long gone.
Having said that, in my short time here on Masto, I have kind of come to the conclusion that if I favourite a post then I am telling the person who posted it that I like it... while boosting will tell that person I like it AND will share the post with anyone who follows me.
Hopefully someone else will chime in and tell me how far off I am. :-)