A graphic can be either ready, raw, or booked, and can appear in search dialog boxes and panes as 'image' or 'editorial image'.
Ready graphics
Ready images are stored in the editorial database after being prepared for the appropriate publishing channel. A ready graphics has the appropriate color space, resolution and dimensions, so you can use it "as is", and place on a page or in an article.
In various Type lists, ready graphics appears under name editorial image.
Raw graphics
Raw graphics didn't undergo the preparation for the publishing channel, thus, it is not supposed to be placed on page "as is". Typically, uploaded, wire or archived images are considered as raw, as are the images, stored in file system, or on mounted devices. See Importing graphics.
You cannot link raw graphics to page "as is" - when you drag it onto a page, it gets automatically converted into an "editorial image".
In various Type lists, raw graphics appears under name image.
Booked graphics
Booked graphics is represented by a image frame, linked to a specific image name in a folder - but the image does not exist yet.
See Dummy images.
Editorial image or image?
'editorial image' is used for ready graphics, 'image' is for raw graphics.