The two basic parameters that affect the image taken from a camera are the shutter speed and the aperture size. Although both affect the amount of light incident on the image sensor of a camera, shutter speed and aperture size have a different impact on the resulting image.
The shutter speed and aperture size are indicated on the viewfinder of a DSLR as shown below.
From the figure, the shutter speed is set at 1/60s and an aperture size of F/5.6
The exposure meter indicates whether the setting is appropriate to produce a well exposed image. The brackets indicated the autofocus area of the viewfinder.
"But I'm using a compact camera!!"
The shutter speed and aperture value are also indicated on the LCD screen of compact cameras when the shutter trigger is depressed, just that no one ever notices them.
Most compact cameras use auto exposure function that decides the appropriate shutter speed and aperture value for the user. Whether these parameters can be changed by the user depends on the model of the camera. Normally cameras with manual function allows user to set the shutter speed and aperture size to their preference.
"Ok... So I can adjust the shutter speed and aperture size as I desire. How?"
"MASP" is your answer.
On the command dial (that round thing) of all DSLRs and some compact cameras (Canon's Powershot series), are the various settings that allow users to select the shutter speed and/or aperture size they desire. For Canon users, the command dial is similar.
A brief overview of the various functions:
Manual : Allows you to have the full control over the functions of the camera. Shutter speed and Aperture size, ISO, Flash, Exposure Compensation etc etc. can be adjusted by the user.
Aperture Priority : Allows you to have partial control over the functions of the camera. You set the desired aperture size, and the camera selects the appropriate shutter speed for you. Other functions such as ISO, Flash, Exposure Compensation can be adjusted by the user as well.
Shutter Priority : Similar to Aperture Priority, allows you to set the desired shutter speed and the camera selects the appropriate aperture size for you. Other functions such as ISO, Flash, Exposure Compensation can be adjusted by the user as well.
Programmed Auto : The user have limited control over the functions of the camera. The camera selects the appropriate shutter speed and aperture size for you. Other functions such as ISO, Flash, Exposure Compensation can be adjusted by the user.
Full Auto : The camera selects every single setting for you. Basically, point and shoot.
The mode you wish to use may depend on the situation in which the scene requires. Ideally, using manual allows you full control over the imaging parameters if the situation allows time for you to adjust. (Frankly speaking I seldom use M mode now coz I'm too lazy)
Most situations do not give you the luxury of time to adjust your settings, such as taking fireworks or during a fast-paced dance performance etc. Therefore it would be more efficient to set the shutter speed and allow the camera to decide on the appropriate aperture setting with shutter priority.
Lastly, you may wish to practice switching the dial to Programmed Auto whenever you are not using the camera. You never know when a good "moment" will come about, only to miss it when you are fumbling with your settings.