You can play Magic either as “constructed” or “limited” — what do each of these two terms mean?
Constructed means you already own the cards you’re going to play with and bring them ahead of time to an event to play with. Examples are Standard, Modern, Legacy, Vintage, and Commander/EDH.
Limited means you just show up and open booster packs – and can only play with the contents of those packs. Examples are Draft and Sealed. You can also use pre-made packs that someone else has created for the format Cube.