A milliscond is a thousands of a second, hertz is a measurment of how often something happens in a second.
I guess you're wondering about monitors when you ask:
In a monitor hz refers to how many fps it can display, normal monitors are usually 60hz and that's fine for most people. 100-166hz is what most "gaming" monitors are rated for. If you're not a hardcore cs player then a higher end gaming monitor would just a nice thing to have, but not a must.
When it comes to response time(ms) it's how long it takes for a frame to be rendered until your monitors displays it. Keep it under 10ms and you'll be fine.