The 802.11 part:
WiFi (wireless internet) works using short range radio waves. WiFi devices must comply with a set of standards called IEEE 802.11, so many WiFi transmitters have this in their name.
The bgn part:
There are different sub-sets of the WiFi standard, and their main difference is speed. These include b, g, and n. Your laptop's wireless card is able to connect to hot-spots or wireless routers using any of these, since it includes all three in the name. N is the fastest of them.
If somebody can add any other speeds beside b, g, or n, that would be appropriate. I'm not sure currently if there are any.