Managed and Unmanaged Packages

Hi,

AppExchange solutions are delivered to your org in packages, which are containers for apps, tabs, and objects. Packages come in two flavors: managed and unmanaged. The solution provider decides which package type to use to distribute the solution, which in turn influences how the solution behaves in your org.

 Important differences between package types.

Reference:

https://trailhead.salesforce.com/content/learn/modules/appexchange_basics/appexchange_basics_install