Account private key
A private key in the context of cryptocurrencies is a secret number that allows coins to be spent. Every wallet contains one or more private keys, which are saved in the wallet file. The private keys are mathematically related to all addresses generated for the wallet.
Because the private key is the "ticket" that allows someone to spend coins, it is important that it is kept secure. Trezor allows the users to store the private key safely - it never leaves the device and all transactions are signed in Trezor.
From the user's perspective, the only important information is the recovery seed, which is used to generate all private keys. It is important to store the recovery seed in a safe place - without it, all the private keys and funds are irreversibly lost.