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What is the difference between a restricted and unrestricted ticket?

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What is the difference between a restricted and unrestricted ticket?

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Airlines sell many different fares (e.g., A, Z, Y, B, K, L, M, T, etc.) for a given flight. FlightAware simplifies all the fare classes into a cabin (e.g., First, Business, or Coach) and a type of ticket, either restricted or unrestricted. A “restricted” ticket is what most passengers buy; they are discounted fares that are available on web sites, via travel agencies, etc., and tend to be non-refundable and have various restrictions on changing the ticket. An “unrestricted” ticket is refundable and changeable with no penalty. Often times, an unrestricted ticket will be three to five times more expensive than a restricted ticket.

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