What is the difference between a "managed in-app product" and an in-app product that is not managed?
closed as off topic by t0mm13b, ce4, roxan, Liam W, SS-3.1415926535897932384626433 Dec 20 '12 at 3:19
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The short answer is that managed items are items that can only be purchased once per user and that Google Play keeps track of their purchase, unmanaged items aren't tracked by Google Play and they can be purchased multiple times.
A fuller description is given in Google's In-app Billing Version 2:
Note that only version 2 of the in-app billing deals with both managed and unmanaged, version 3 only deals with the managed in-app product type.