The HP stream has only 2GB of RAM which is tolerable but on the slow side. It also only has a 32GB storage disk but it is a Solid State Drive which means it doesn't have a spinning disk running at 5,400 rpm all the time the machine is switched. You would definitely need external storage for that one.
The 14 refers to the diagonal measurement of the screen so 14". Most laptops start at 15.6" and netbooks have a 10" screen so you have an idea as to scale..