There are some situations where you should consider a speed above 200 Mbps. While 200 is easily the most common base speed for cable providers, fiber providers usually start out even higher at 300 Mbps for the cheapest plans. Speeds faster than 1,000 Mbps are measured in gigabits per second, or 'Gbps.' Service faster than 1,000 Mbps is extremely uncommon in 2023, but you'll commonly see the term 'gigabit' advertised, because the fastest home connections are around 1,000 Mbps (which is one gigabit). In some cases, a very slow dial-up or DSL connection might be measured in 'Kilobits per second' or 'Kbps.' A kilobit is 1/1000 of a megabit, so this refers to speeds that are between 0–1 Mbps.
All you need to know is that internet speed is measured on a scale of 1–1,000 Mbps for residential connections. You don't need to understand what 'bits' are to choose a good internet service.