Armor is what a creature can wear to gain Armor Class (AC), a number used to hit with in combat. AC Modifers 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 a objects AC.
Anything effecting the Base AC of a object can only be effected once, and its effect(s) do NOT stack. This is also known as the AC Modifer, 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 modifers 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.