Yum List “available” Versus “updates”, And CentOSplus Versioning

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quite possibly more a yum question than a CentOS question, but i’m a bit confused about the difference between listing “available” packages versus “updates” packages.

short example — listing what the yum man page suggests should be
“available” for installation, restricting myself to CentOSplus:

$ yum list available –disablerepo=\* –enablerepo