Moment of inertia I does for rotation what mass does for straight-line motion: it measures how hard it is to change the rotation of a body. It depends on the mass and on how far that mass lies from the axis. Mass far from the axis gives a large I, so a hoop has a larger I than a disc of the same mass and radius.
Angular momentum is L = Iω. If no external torque acts, L stays constant. When a spinning skater pulls in her arms, I falls, so ω rises.
A rotating body has rotational kinetic energy. A body rolling down a slope shares its lost potential energy between linear and rotational kinetic energy, so it is slower than a body sliding without friction.