I always find the water / bucket / pipe / tap analogy to work well in describing how a camera works and how you can work out whats best for you...
Bucket - sensor
Bucket size - ISO
Time to fill bucket - shutter speed
F-stop (aperture) - pipe thickness how quick/slow water flows to bucket
Tap - shutter
These can all be set in a variety of way to achieve the same shutter speed, but results will differ. A higher ISO means the bucket will be full quicker than the same settings on a lower ISO.
http://www.digital-photography-in-focus.com/exposure.html