RS232 is a full-duplex, non-differential, standard for serial communication and data transmission. RS232 usually consists of three conductors – Rx, Tx and 0 V (ground/common). Tx from one device must be connected to the target device’s Rx port, and vice versa. 0 V must be connected to target 0 V.
RS485 is a half-duplex, differential, standard for serial communication and data transmission. RS485 usually consists of three conductors: RS48+ (B), RS485- (A) and 0 V (ground/common). In contrast to RS232, RS485+ should always be connected to target RS485+, and vice versa with RS485-. 0 V should always be connected to 0 V of the target device.
Full-duplex means that data can be transmitted and received simultaneously, allowing for two-way communication without having to wait for one device to stop sending before the other starts.
An analogy to this would be the telephone, both parties can talk and listen simultaneously.
Half-duplex means that data can be sent in both directions, but not simultaneously. In contrast to full-duplex, this means that one device must wait until the transmission is complete for it can start to send a transmission.
An analogy to this would be a radio/walkie-talkie; only one party can send traffic at any given time, the other party must wait until the first party is done with the transmission (talking).
Non-differential signal means that a signal is transmitted over one conductor with a common reference point, usually ground.
Differential signal means that a signal is transmitted over two conductors. The signal is represented by the voltage difference between the two conductors. This means that a common reference point such as ground is usually not needed (though it provides noise reduction, enhances signal integrity and other neat things).