Bearings are simple to understand !! You have a bearing (Ball) in this case. A Cage (plastic or Nylon) and races.
The inner and outter races are just that !! thay are what the balls race in !! one on the inside, and one on the outside !!
Crank on the inner and engine case on the outter !! The cage is to keep the Balls spaced in the appropriate location that the bearing designer wanted !! The bearing has come a long ways since the Model T days and the old Babbit poured rods and mains
but as crude as they were !! The hand poured and hand scrapped (fitted) babbit bearings are still in use today !!
Dale Senior Mechanic A.H.T.D. What a mechanic always hates to see is a race,spin in what ever it has been pressed into !! I.E. in this instance, The case or the crank !!