It means that it is a fixed 10x magnification scope with a 50mm objective lense.
Is it a good scope? I doubt it,but it may work for whatever you use it for.
Most package guns-Rifle/scope combo,use the cheapest optics that they can.
Most varmint hunters will use a 4-16x or 6-24x variable magnification scope on their rifles,but a 10x will allow you to take some long range shots,it just won't be very good for using at short range.Your field of view will be pretty small at close range.