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SharePoint site has different permission levels for the SharePoint Groups. When you create SharePoint site, you can observe the below permissions as default.
Full Control - Has full control. Design - Can view, add, update, delete, approve, and customize. Edit - Can add, edit and delete lists; can view, add, update and delete list items and documents. Contribute - Can view, add, update, and delete list items and documents. Read - Can view pages and list items and download documents. Limited Access - Can view specific lists, document libraries, list items, folders, or documents when given permissions. Approve - Can edit and approve pages, list items, and documents. Manage Hierarchy - Can create sites and edit pages, list items, and documents. Restricted Read - Can view pages and documents, but cannot view historical versions or user permissions. Restricted Interfaces for Translation - Can open lists and folders, and use remote interfaces.
We can create our own set of permissions also. In order to create new permission, go to site settings -> Users and Permissions -> Site permissions -> Permission Levels(Display list of permissions avalible on site) -> Add a Permission Level
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