Difference between Available and Used in Info for MacIntosh HD and Space Free and Space Utilised under Activity Monitor, Disk Usage?

I have a MacBook Air 2010, upgraded to OSX Version 10.8.4.  When I click the Macintosh HD and then look under Info, it says I have 120.47GB capacity, Available 60.97GB, Used 59.5GB.  However when I look under Activity Monitor, Disk Usage it says Space Utilised 92.18GB, Space free: 28.29GB.  Questions:
Why the difference?
Which is more important for computer speed?
How to I reduce "Space Utlised" to closer to "Used"?  (I've already moved 25GB of the more bulky, less immediate data to external storage from the computer, including emptying IPhoto Trash and the main Trash.  The Space Utilised dropped only from 95GB to 92GB--while the Used space dropped from 85GB to 60GB.)

Iheartapple1970
Just to let you I tried the reindexing before the Mendes advice and it had no effect.  Of course, I may have done it wrong. It was the HD icon from the desktop which I dragged into the Privacy window of Spotlight (and then did the +, OK, - and close Spotlight).  Should I have dragged in something else?  Or opened up the HD and dragged in all the contents?
Also, there is a small section in my HD which is for my wife's account which has a separate user name and password, although it has no data in it and I set it up while under my administrator account original, so my MacAir may think I still "own" it; in any case, I did not get any sort of error message saying I did not have ownership of the entire HD.

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