All vaginas have some yeast in it. In fact, there is some yeast anywhere on your body that it's moist and hot (mouth is the other most common place for yeast to hang out). A person's immune system combats it, and there is a nice little area for your vagina.
A vaginal yeast infection happens when there is more yeast than normal (can be aggravated by such things as diet and sexual activity) or when the bacteria present in the vagina has been decreased (happens with antibiotics used to treat other things).
Things like oral contraceptives sometimes kill those bacterias/up the level of yeast, scented washes/douches can up the level of having more yeast, if you have type 1 diabetes you will have more yeast infections, and sex with a condom can sometimes give more yeast infections (this doesn't always happen though).
So...it's just having more yeast in your vagina than you should.