The Properties panel gives you control over the selected object’s properties. When the selection is empty, you get access to the scene’s properties.
The most common settings on selected objects are:
The Operator Stacks (each tailored to a specific object type selection)
The Transform properties
The Properties tab
The Properties Tab gives you control over various options related to your selected objects such as Selectability, Visibility, and making the object Renderable, just to name a few.
Geometric objects for example, have extra options in their Properties Tab:
Cast Shadow
Receive Shadows
MeshSmooth Preview
MeshSmooth Render
Show Cage
Show Subdivisions