Shutter speed controls the amount of time that your film, or digital sensor, is exposed to light.
There are two different types of shutters in cameras. Some cameras have a plate that covers the image sensor of the digital camera. When you push the button to take a photograph, the plate flips up and lets light onto the camera's image sensor,(focal plane).
Another is an iris, because it works somewhat like your eye. When you push the button to take a photograph, the iris expands and lets light onto the camera's sensor,(inter-lens).
The shutter speed is the amount of time that the plate stays up or the iris stays open. Shutter speed is measured in fractions of seconds.
Shutter speed is generally measured in fractions of a second. A shutter speed of "1000" means that the shutter will open for 1/1000th of a second.
Example of shutter speed numbers, from fast to slow:
1/2000 1/1500 1/1000 1/750 1/500 1/350 1/250 1/180 1/125 1/90 1/60 1/45 1/30
Slow shutter speeds are often used in low light conditions, extending the time until the shutter closes, and increasing the amount of light let in.
Very short shutter speeds are used to freeze fast-moving subjects, for example at sporting events. Very long shutter speeds are used to intentionally blur a moving object such as waterfalls..