Container -> This is a File (you'll be able to see it on your thumb drive or HDD) that is encrypted. The presmise behind this is that you need to have space to put your things in. Easiest way to understand would be to use an anology.
Imagine that you have a filing cabinet with 4 drawers. You could put a lock on just one drawer (this would be a container) so that you now have 1 locked drawer, and 3 open drawers. You could also choose to install a lock on the filing cabinet itself (volume). When you create a continer it takes up the ammount of space that you specify (1, 2, or 3 drawers) and locks it. Once you've unlocked them you can put things inside, but while they're locked the space is unuseable. If you lock the volume you can't use any of the space until you unlock it. So if you want your whole USB stick to be locked (can't use it at all without unlocking it) then you want to encrypt the volume. If you just want some space to put things in, then you'd just create a continer. Then you'd be able to use the left over space on the USB stick without having to unlock it, but to get to the files in the continer you'll need to provide the password.
that help?
Imagine that you have a filing cabinet with 4 drawers. You could put a lock on just one drawer (this would be a container) so that you now have 1 locked drawer, and 3 open drawers. You could also choose to install a lock on the filing cabinet itself (volume). When you create a continer it takes up the ammount of space that you specify (1, 2, or 3 drawers) and locks it. Once you've unlocked them you can put things inside, but while they're locked the space is unuseable. If you lock the volume you can't use any of the space until you unlock it. So if you want your whole USB stick to be locked (can't use it at all without unlocking it) then you want to encrypt the volume. If you just want some space to put things in, then you'd just create a continer. Then you'd be able to use the left over space on the USB stick without having to unlock it, but to get to the files in the continer you'll need to provide the password.
that help?