That is a "potentiometer", the same principle as a volume control etc.
See the circuit diagram part of the photo you posted - that's its electrical symbol and pretty much a diagram of how it works!
Strictly speaking, that is a Pre-settable potentiometer, a "Preset pot" - you need a tool to adjust it, rather than it having a spindle like a volume control, so it can be turned by hand.
There is no difference in the electrical principle.
It has a fixed resistance between the two side by side terminals, and the third terminal is a wiper, a "tap" that can be moved along the resistor.
If the wiper is in the middle, it has half the resistance either side. All the way to one end, next to zero resistance to that end and the full resistance to the other.
As eg. a volume control, the signal goes to one end and the other end is ground (common, 0V).
Depending on the position you turn it, you can get any proportion of the full signal, from nothing to maximum.
To use it as a "variable resistor", connect the wiper to one end. That connection and the other end then can be adjusted from near zero up to the full value.
This is a rather larger pre-settable potentiometer; you can see the wiper that can be slid along the resistor, making contact at any point. The same principle, just without an adjusting knob:
(And using a wire-wound, rather than composite, resistor - most small ones have a black or ceramic-looking material for the resistor).
This shows a potentiometer being used as a volume control at the input to an amplifier; you can see it's the same symbol as in your photo: