Chemical reactions change chemicals from one form to another. The arrow signifies this change from the initial state on the left and to the final state on the right.
Reactants - chemicals on the left side represent the initial state, or raw ingredients.
Products - chemicals on the right side represent the final state, or what is made.
Reaction arrow - separates the products and reactants, and can be interpreted as a "yields" or "produces" or "makes", etc.
Chemical Formula - chemical composition of the compound.
Subscripts - number of each atom.
Coefficients - Number of molecules.