Each user can install the app on 5 PCs, 5 tablets and 5 mobile devices. Office 365 Business: This package allows you to pay $10 for each user monthly but for an annual package you pay $8.25 per user monthly.
You get all the Office apps of the above packages and you can install it on 2 PCs or tablets and on only one mobile device.
Office 365 University: With this subscription you pay $74.99 for four years. Each user can install it once on each of their Mac devices and enjoy the individual benefits. Office 365 Home: For $9.99 per month or $99.99 per year you get all the above features for up to 5 users. This is available for $6.99 per month or $69.99 per year. You also get 60 minutes of free skype calls each month. You get to install it once on each Mac device (PC, Tablet, Phone). Office 365 Personal: This package comes with Word, Excel, PowerPoint, OneNote, Outlook, Publisher and Access. There are four available packages of Office 365: It comes with free 1TB OneDrive storage for each individual user in all packages. 
It is more flexible since different packages allow you to install the suite in a number of Mac devices. Once you subscribe to this version you get all subsequent upgrades for free. The main difference is that here you have to subscribe to a monthly or yearly fee. Office 365 gives you access to more office apps.
Office Home & Business: Here you get one additional office application that is Outlook. Office Home & Student: This package comes with Word, Excel, PowerPoint and OneNote.
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