In Rust, an "owned type" is a type of data that is stored in a specific location in the computer's memory and has full control over it. This means that when a variable of an owned type goes out of scope, the memory that it was using will automatically be freed up, making it available for the computer to use again. The variable has an owner and only one owner that can modify the variable. Once the variable's owner is changed the original owner cannot change and use the variable. 

Think of it like having a toy box. You own the toy box and all the toys inside it. If you want to give away one of the toys, you can take it out of the toy box and give it to someone else. The toy is no longer in your possession and you can't use it anymore, but the memory that it was using is now free for you to use for something else.

In Rust, this is important because it helps prevent bugs and memory problems in your code, making it more reliable and efficient.
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