Honey Pots are decoy systems designed to lure potential attackers away from ciritical systems. These systems are made to appear valuable and accessible (to varying degrees). Honey pots are deployed to attract attackers away from the real system resources and to give administrators information on the attacker.  Often honey pots are deployed in a virtual environment.

A Honey Net is a collection of honey pot systems on the same subnet.

For further clarification:

• “Principles of Information Security” pages 320-323
• Wikipedia.org
• SANS Institute