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Each flight booking comprises a fare - essentially outlining the rules and limitations tied to that specific ticket and the corresponding price. Different routes, airlines, and peak travel periods, among other factors, dictate varied fares. Furthermore, for a single flight, there can exist numerous fares, even if it's the exact same route.
Have you ever observed the multitude of price options while purchasing a flight ticket? Beyond the distinct fares for First Class, Business Class, Premium Economy Class, and Economy Class, there are specific fare types within each class. These can include non-refundable, basic, standard, flex, fully refundable, and more. Generally, lower fares tend to accompany more stringent restrictions associated with the ticket.