Complete upper, complete lower, grips, stock, that’s all you need. The stock is usually with the complete lower, so you have all you need. However, according to their page, the upper doesn’t come with a bolt, bolt carrier, or charging handle, so you need those as well.
As for the difference between BCM’s uppers, don’t worry about all that just yet. Get one, build it, shoot it, read up, learn as you go.
The upper you have linked to has everything you need. It has magnetic particle inspected (they test the barrel to check the integrity of the steel) and high pressure tested (they use an overpressured round to ensure it’s strength) barrel.
They have a 5.56 chamber, which means you can use ammunition marked .223 or 5.56x45mm ammo (5.56 mm ammo has higher pressure than .223).
It has a 1 in 7" twist, which means it will shoot lighter or heavier bullets and keep them properly stabilized (slower twists 1 in 9", for instance, might not properly stabilize heavier bullets).
It has chrome lined chamber and bore, which makes them more resistant to corrosion and longer lasting.
All kinds of people are going to come on and tell you you need:
A piston driven gun, not direct impingement. 'Cause real men don’t shoot DI guns. Ignore them. DI was good enough for me in the infantry, it was completely reliable, even with blanks, it’s good enough for civilian use.
An AK, an M1A, a FAL, a 7.62 mm rifle, or whatever. 'Cause real men don’t shoot puny cartridges. Ignore them.
A Colt, an LMT, Noveske, Daniel Defense, or other particular brand. 'Cause real men don’t skimp on their rifles. Ignore them.
Rails, Rails, Rails. Rails on the forend, rails on the front sight base, rails on barrel mounts; Optics; 45 degree iron sights; front vertical grips; two stage, three stage, half pound triggers by companies you can’t pronounce; stocks that hold batteries, breath mints, and spare toilet paper for those range emergencies. Ignore them.
Buy your rifle, shoot it, become proficient, learn to clean it, learn to disassemble it. Have fun, enjoy yourself, and as you go, mod it. Only start modding it after you can shoot and disassemble it.
Have fun and welcome to the community of Barbie for guys.