If you take for example a fertiliser 7.0.14 which has 7% Nitrogen, 0% Phosphate and 14% Potassium.
In a 25kg bag of fertiliser you will have:
Blended - 3 different additives all mixed together - N P K so they are mixed or blended and that's what gives the name blended
Compound - Each prill or piece of fertiliser contain 7% N 0% P and 14% K...so each prill has that amount of fertiliser inside it, so you know that each prill will carry the same amount of fertiliser.
So in conclusion blended is a mix of fertiliser, it is the same analysis but the bag contains the percentage as opposed to the compound where each prill contains the analysis.
Compound ferts will be dearer than blender due to the manufacturing of the actual fert
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