It really depends on the context you are referring to.
Packet drops is drops on an interface for any reason.
Packet loss is lost packets that are dropped anywhere in the path.
Packet discards are more or less same as the drops. Discards and drops could be due to ACL denies or any other reason.
The discards you see under an interface are all discards (ACLs, oversubscription, incorrect CRC, L2 errors).
I hope it helps.
PK