The shutter is the device that allows light to enter the camera through the lens for a determined time period so that the image of a scene can be captured on film or the digital camera's sensor.
If your camera has manual or certain semi-automatic modes, you will be able to set the shutter speeds manually. If your camera doesn't allow manual settings, the automatic function of your camera will set various shutter speeds for you depending on which auto mode you choose. Please see the tutorial on automatic shooting modes for a little more info.
The length of time the shutter stays open during an exposure is called the shutter speed. The shutter speed is expressed in fractions of a second, although the time can be longer than a second with some exposures. A shutter speed of 1/60 indicates that the shutter will remain open for one sixtieth of a second during the exposure. Camera shutter speeds are listed in increments such as those listed below. B is not a set amount of time. It is a setting that allows the photographer to manually keep the shutter open for longer lengths of time than those listed in the shutter speed chart.
Each step to a slower speed allows double the amount of light into the camera. For example, 1/60 will allow twice as much light into the camera as 1/125. So then it follows that stepping up to a faster shutter speed will halve the amount of light entering the camera. 1/500 allows half as much light into the camera as 1/250
What does this mean for you?
First of all, the shutter works in combination with the camera lens aperture to achieve a proper or acceptable exposure. While the shutter controls the amount of time light is exposed in the camera, the aperture controls the amount of light that enters the camera. Please check the tutorial on exposure to learn more about how the shutter and aperture work together.
The camera shutter speeds also affect the look of motion or speed in a picture. For instance, if you take a picture of a fast moving subject with a not so fast shutter speed like 1/30, there is a possibility that the subject will be blurred in the picture. (see picture of the cyclist) On the other hand, if you take a picture of a subject with a faster shutter speed such as 1/500, you will get a picture with the subject frozen in motion without blur. (see picture of the race car).
When you are taking pictures using shutter speeds slower than 1/60, you should use a tripod if possible. Camera shake and the blur that comes with it increases greatly at slower shutter speeds. If you can't use a tripod, brace your arms firmly against your body, take a deep breath and hold it until you snap the picture. That should help reduce the shake a bit.