a 360 degree panorama is a single image that is usually made of of multiple images stitched together. The entire image is a representation of all 360 degrees viewable from a specific point. Basically you stand in one place and take pictures as you turn around and then stitch them together. A panoramic image looks like a very wide image whem viewed as a standard image. If you want to see what they look like in panoramic view, just go look at Google Streetview, those are done using a panoramic camera.