BAILS (not bales - bales are hay. In jewellery they're bails. Very easy to tell apart, but the spellings are easy to mix.)
Bails are attached to the jump ring at the top of a pendant to provide a loop for a chain to slide through.
The top image is BT2, 2.5mm wide, usual size.
the next image is BT4, 3.5mm wide. bigger for large chains.
After attaching to the pendant, the bail is squeezed closed with pliers.
Yes, the larger is cheaper than the smaller. The Silver price is bouncing all over the place. Buy one month, buy a month later, and the price may be wildly higher or lower.