A varifocal lens is a non-fixed focal length lens where the
focus changes with focal length. This is in contrast to true zoom
lenses, which retain correct focus throughout their focal length
range. True zooms have a constant maximum aperture at all focal
lengths (as in a 28-70mm f/2.8 lens), while varifocals have maximum
apertures that increase (in number, but decrease is size!) as the
focal length increases (as in a 28-70mm f/3.5-5.6 lens, which has a
maximum aperture of f/3.5 at 28mm, that becomes smaller in size as
the focal length increases until it reaches a value of f/5.6 at
70mm).
Varifocals are easier to design and build than true zooms which
explains their ubiquity in the camera market. Note that they are
commonly, but erroneously, referred to as zoom lenses by users and
manufacturers alike.