PSI is the pressure coming out of the nozzle (Pounds Per Square Inch)
GPM is how much water is coming out of the nozzle (Gallons Per Minute)
The more GPM you have the better "wash" you get; GPM is what moves the dirt out of the way. The PSI is what gets the dirt off the surface.
It depends on what you are washing as to what the PSI needs to be. But GPM won't damage anything.
Wood around 500 PSI
Concrete around 3000 PSI
Since concrete is much harder to damage than wood, 4000 PSI is even OK to use.
Wood is soft, so much more than 500 PSI can damage it (maybe up to 1000 PSI is OK on wood).
You can change your PSI by changing nozzles or if you have it, adjusting your pressure regulator.