Parakeet is a name for any small to medium sized species of parrot, often with long tail feathers. Basically, it is a common term for a small parrot. Another term used in America for parakeets is conure.
Parakeets breed better in groups, but are usually fine breeding in pairs. Having other parakeets encourages a pair to breed, which is why breeding in groups is more successful. However, many breeders choose to breed in pairs because that way they know which parents produced any given birds. If the parakeet does lay eggs, it produces about six to eight.