The title may be difficult to understand but I am basically asking if there is a difference between Office for Mac 2011 and Office for Mac 2011 Academic version. For all other software as well, does the academic version lack certain things or does it have all the same stuff?
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Regular or Academic Version
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For the most applications, "academic" just means, that you don't have the license to make money with that software and just use it for academic purposes, but the applications still have all the features as the "full" version.
Also, the academic version comes with a single license. Legally, you can only install it on a single machine. For example, it would be illegal to install it on both your iMac and your Macbook.