It's called a stockinette.

Stockinette stitch is simply you knit the first round, and then purl the second and repeat. This puts all the knit stitches on one side and the purls on the opposite.

stockinette or stocking stitch means knit one row, purl one row. So four rows are knit one row, purl one row, knit one row, purl one row.

Stockinette is simply alternating rows of knitting and purling.

It would most likely appear like this on a pattern:

Row 1: Knit

Row 2: Purl

Row 3: Knit

Row 4: Purl

Repeat for X number of rows.

With Lion Brand Homespun yarn, it is best to use a simple stitch, either garter or stockinette, due to the fact that, as a textured yarn, fancy stitches would be unappreciated and awkward-looking.

It is a very beautiful yarn that is gorgeous in both garter and stockinette, especially if both stitches are used in the same piece. (Example: if doing a hat work a 2-inch brim in garter, and do the rest in stockinette.)