A simple screw-together pivot is basically like a Corby rivet. It has a female end that has a threaded tube stepped to a larger-diameter head, and a male end that has a threaded post with a standard screw head. I sometimes just use stainless Corbies with the heads ground down (need to make new drivers), though brass might work well, too.
A bushing is a tube (collar) of a softer metal (usually brass) that fits around the pivot shaft, and by wearing more easily and offering two slipping surfaces instead of one, gives a smoother action. They may be used on screw-together pivots, but are especially nice when the pivot is just a pin. I haven't honestly noticed much difference between folders with bushings and those with polished steel pivots.
------------------
-Drew Gleason
Little Bear Knives