Steem is a utility token of steem blockchain use to reward the steem community. While steemit is an organization who initiate the project and the creator who is also behind steemit.com which is an application that allow steem community to access the steem blockchain. Aside from steemit.com steem member can access the steem blockchain using busy.org, eSteem.ws, Zappl etc. Since steem blockchain is a decentralized in nature, even steemit and steemit.com will closed its operation steem is here to stay. Correct me if i'm wrong but those word is how I explain steem and steemit and steemit.com relationship to my friends.
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Good points..thanks for your comment