What does it mean that a method or class is abstract?

An abstract class cannot be instantiated. Only its subclasses can be instantiated. You indicate that a class is abstract with the abstract keyword like this:
public abstract class Container extends Component {
Abstract classes may contain abstract methods. A method declared abstract is not actually implemented in the current class. It exists only to be overridden in subclasses. It has no body. For example,
public abstract float price();
Abstract methods may only be included in abstract classes. However, an abstract class is not required to have any abstract methods, though most of them do.
Each subclass of an abstract class must override the abstract methods of its superclasses or itself be declared abstract.