Guided Mode is a special mode in Photoshop Elements that assists you in achieving specific goals step-by-step. To help you focus on the task at hand, you are provided with a very simple interface with just two tools in the Toolbar (the Zoom tool and the Hand tool) and the Task pane at the bottom of the screen. The right panel contains the step-by-step instructions for the currently chosen guided edit. (If you can't see the Toolbar, just go to Window > Reset Panels).
Once you've finished working in Guided Mode, click Next and you can either Save your image as it is or continue editing your image in Quick Mode or Expert Mode, where your normal toolbar and panels will reappear (depending on the Mode you have chosen).
Here's the relevant section of the Photoshop Elements User Guide: