The "68" is 68 mm and is the width of a standard English threaded road bottom bracket shell. This is by far the most common type, particularly in older bikes. The "116" is the length of the spindle in mm and the length you need depends on the crank you are using.

Within that catagory (square taper, English threads) there are a variety of makes in sealed cartridge (currently alomst standard) and cup-and-cone models in a range of prices from $15 to >$100.