What do the terms "CPU bound" and "I/O bound" mean?

It's pretty intuitive:

A program is CPU bound if it would go faster if the CPU were faster, i.e. it spends the majority of its time simply using the CPU (doing calculations). A program that computes new digits of π will typically be CPU-bound, it's just crunching numbers.

A program is I/O bound if it would go faster if the I/O subsystem was faster. Which exact I/O system is meant can vary; I typically associate it with disk, but of course networking or communication in general is common too. A program that looks through a huge file for some data might become I/O bound, since the bottleneck is then the reading of the data from disk (actually, this example is perhaps kind of old-fashioned these days with hundreds of MB/s coming in from SSDs).

CPU Bound means the rate at which process progresses is limited by the speed of the CPU. A task that performs calculations on a small set of numbers, for example multiplying small matrices, is likely to be CPU bound.

I/O Bound means the rate at which a process progresses is limited by the speed of the I/O subsystem. A task that processes data from disk, for example, counting the number of lines in a file is likely to be I/O bound.

Memory bound means the rate at which a process progresses is limited by the amount memory available and the speed of that memory access. A task that processes large amounts of in memory data, for example multiplying large matrices, is likely to be Memory Bound.

Cache bound means the rate at which a process progress is limited by the amount and speed of the cache available. A task that simply processes more data than fits in the cache will be cache bound.

I/O Bound would be slower than Memory Bound would be slower than Cache Bound would be slower than CPU Bound.

The solution to being I/O bound isn't necessarily to get more Memory. In some situations, the access algorithm could be designed around the I/O, Memory or Cache limitations. See Cache Oblivious Algorithms.