Short answer: 5P2 = 20 and 5C2 = 10 — twice as many permutations because each chosen pair can be arranged in two orders.
Order matters, or it does not
A race's gold-and-silver pair is a permutation; a hand of cards is a combination. Deciding which you have is the whole problem, and once decided the formula is mechanical — which is what this page computes, including the factorials so the arithmetic is visible.
Worked example
A 4-digit PIN with no repeats: 10P4 = 5,040. With repeats allowed it would be 10⁴ = 10,000, and the ratio between the two is exactly why "no repeated digits" is a real constraint.