Armor is what a creature can wear to gain Armor Class (AC), a number used to hit with in combat. AC Modifiers can come from many sources to increase a player or creature's AC. These can be natural armor sources (like Chain Mail), or some magical (Ring of Protection).
The base AC of any creature, player, or item is: 10; is the starting point for an object's AC.
Anything affecting the Base AC of an object can only be affected once, and its effect(s) do NOT stack. This is also known as the AC Modifier, and is considered non-magical. One exception is wearing a shield, grants a base +2 AC.
Some special abilities give base AC. Examples: A Monk's unarmored defense; or mage armor. Most of these base modifiers also have conditional elements attached to them to be active.
AC modifiers from inventory effects only stack once now — magical sources (like a Ring of Protection) included. They no longer pile up from multiple worn items, so a creature applies a single inventory AC modifier rather than adding them all together. Magical protection is still valuable and sought after.