OK, I think I understand AC; that is the Armor Class or the level of resistance your armor has when it gets bashed. And then there are separate resistances which apply for special types of damage like fire or poison, added on to the AC resistance I guess. So an item with AC 10 and Poison Resistance of 10 would provide level 10 protection from being bashed with a ax and level 20 protection from being poisoned. So then, what is Damage Resistance all about? Why list it separately from AC? I know I'm missing something.
Actually, Armor Class doesn't work like that. The higher your AC, the more difficult it is for the enemy to hit you. So, AC makes you less likely to receive a hit while resistances lower the damage you receive when you do get hit.