Amplitude and Wavelength
The amplitude is the maximum displacement of an oscillating point on the wave from its equilibrium point. Imagine ripples on a pond. A single ripple contains both a peak above the undisturbed surface and a trough below. The amplitude is then either the displacement from the surface to a peak or from a trough to the surface - they are the same. The amplitude is closely related to the energy of the wave. Think of sea waves: on a calm day they lap the shore with a small amplitude, but on a rough day gigantic waves with enormous amplitudes crash into the shore dumping immense amounts of energy. The wavelength is the distance from peak to peak, trough to trough, or between any other two adjacent identical parts of the wave.
Figure 1: Displacement-position graph for a wave.
These properties affect how the wave interacts with the world. For example, the wavelength of visible light dictates the color that we see, while the amplitude of sound waves affects how loud we perceive them to be.