In general the term "keyboard" refers to an instrument that utilises piano-style keys to be played. Within the music industry it has also become known as a particular type of modern electronic instrument and is broadly used to describe a synthesizer, music workstation or portable keyboard instrument.
The piano on the other hand has a much richer historical legacy and can be traced back to the 17th century. The piano derives its sound source from steel tuned strings that are struck by a soft felt hammer, allowing the strings to resonate and vibrate at specific frequencies.
The frequencies and vibrations are transmitted to a large wooden sound board which acts as an amplifier increasing the volume of the tones. The tones can be dynamically controlled by the amount of pressure applied to the piano keys and also by a soft and loud foot pedal at the base of the instrument.
In recent years the technology known as "sampling" has allowed high quality grand pianos to have their tones and sound recorded note by note and then stored inside digital memory chips. These are then imbedded within modern keyboards so that the sound of a grand piano can be played back at the push of a button through a much smaller synthesizer or portable keyboard.