For almost every setting of a camera there is a combination of a  downside and an upside and vice versa. For instance the aperture: 
  -the higher the number the smaller the aperture 
-the smaller the aperture the less light gets in 
-the higher the aperture the more depth of field you have 
-the lower the aperture the less depth of field you have 
Examples: 
the  classic flower shots usually have a very low number(aperture), because  then it just focusses on the flower and the rest looks blurry. 
Pictures: 
Aperture of 5: 
[link] 
Aperture of 32: 
[link] 
  
Ok, next one: 
  
ISO Speed: 
You can explain this so much better with the analogue cameras, even though it works the same with the digital ones.  
Either way, analogue camera film: 
To  sort of 'catch' the light there are little crystals on the film. The  smaller the crystals the less light they catch. The bigger the crystals  the more light they catch. A film has always the same size, so if you  increase the size of the crystals, you have to decrease the amount of  crystals on the film. The amount of crystals stands for the quality of  a picture. The higher the ISO the less quality, the more  photosensitivity. 
  
To sum up: 
Higher ISO: 
-higher photosensitivity 
-noisier, grainier(or is it 'more grainy/noisy'? ) 
  
Lower ISO: 
-lower photosensitivity 
-higher picture quality 
  
As you can see for both cases there's an upside and a downside 
  
Shutter speed: 
The time the camera disposes. 
  
Again, the upside/downside combination: 
  
Short shutter speed: 
Sharp pictures, catches few light 
  
Long shutter speed: 
Blurry pictures, catches much light 
  
It's not always that simple, but that's the general idea. Furthermore a few tips and hints: 
  
-You  should know the longest shutter speed that you can take good pictures  with just using your hands(meaning not a tripod). I don't have very  steady hands, so it's around 1/100 for me. 
  
-This is of course basic maths and I'm not underestimating you, but just repeating it: 
Usually  you see shutter speed in fractions, this means the higher the  denominator, the shorter the shutter speed. Don't get it wrong with the  high numbers  
  
-What  is bulb?(The shutter speed option that comes the last when you turn  towards longer shutter speed) Bulb is a setting that allows you to  dispose as long as you press the release down.(Not suggested for short  shutter speed shots) 
  
-If you experiment with long shutter speeds, don't forget: 
An area of the picture that already turned white due to light will not turn dark again.  
Example:  Let's say you dispose for 30 seconds, in the first 5 seconds you hold a  bright lamp towards the objective. Result: The image turns white. The  following 25 seconds you dance in front of the camera. Since you're  dancing is darker than the light that was held beforehand, you will not  appear on the picture. 
I don't know if this is explained thoroughly, just ask if not.