5050 is the size and shape of the led.
is each "section" of the flex strip, there are three led's per 1829 chip the 1829 chip can only control 1 each of a r,g,and b channel.
the red of all three leds are controlled together. (you turn on red, all three light up, you turn red down, all three turn down.)
the same with the rest of the colors.
each 3led section is independent of the other 3 led sections, but each three leds light up together.