It's called an equation. The "10" and "2" are symbols used to represent numbers. The "x" symbol represents a number also, but its value is unknown until you solve the equation.
The "10x" means multiply 10 by the value of x. The "2x" means multiply the 2 by the value of x. Notice that the value of "x" is the same in both places, that is very important.
The "-" is a subtraction sign. It's meaning is that the value of 10x has the value of 2x subtracted from it. It's the same as if you had 10 boxes, and someone took away 2 boxes, how many do you have left.
The "=" symbol is called an equals sign. Its meaning is the the value on the right side is the same as the value on the left side. If you need help with the concepts of "left" and "right", please post another question.
The "16" is a symbol used to represent another number, called sixteen.