For a socket you have three wires live, neutral and earthing. Live carries the current when you turn on the switch, neutral carries the current away when you turn off the switch. Earthing makes sure there is no high current with low voltage passing to blow the socket. This ensures safety of your appliance. Pretty much basic things.
In the spirit of ELI5, we need to simplify.
Neutral wire is simply the other hot wire to complete a circuit. Your electrical cable carries 3 wires may seem confusing. Ignoring the ground wire, if a complete circuit is a circle, collapsing the circle makes a double wired cable. Add in the ground wire makes the 3 wire cable in your wall.
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