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Definitions:

Resell Rights

Also sometimes called "Resale Rights, "Standard Resell Rights," "Basic Resell Rights," or "Reprint Rights," it allows for the person who purchases the digital product to resell it.  This, however, does not mean they can pass along the resell rights whom ever the product is sold to is the end user. 

Master Resell Rights

Master Resell Rights can be defined as the ability to pass along the right to resell the digital product in addition to the product itself.  Which means that when your sell a product with Master Resell Rights you can pass on Resell rigths to the end user.

Private Label Rights

Private Label Rights means that the purchaser of the digital product can claim them self as the author and modify/detract/edit the source.  For example, if you purchase an ebook with "Private Label Rights," you will most likely receive it in either Microsoft Word or plain text format.  That way, it can be edited as you see fit.  (Most ebooks without Private Label Rights are usually "locked" somehow, so that you cannot edit, change, or reverse engineer the product.)