The player positions are the induvial or entity making decision within the game.

Each induvdial or entity select a strategy to maximize their own outcome while considering the decisions of others.

Strategy is a complete plan of action a player will take, given the set of circumstances that might arise within the game. There are a lot of strategies players can choose, but these are the 4 types of strategies an individual or entity might take when a problem arises. 

Pure Strategy:  A pure strategy is when an individual or entity have a fixed strategy.

Example: Playing rock paper scissors and only using rock.

Mixed Strategy: Individual or entity doesn't have one definite action rather having different strategies depending on the best possible outcome

Example: Playing rock paper scissors and switching your output each time.

Dominant Strategy: A strategy that always yields the best outcome, regardless of what the opposition does.

Example: Two criminals are caught and must choose to stay silent or betray each other; betraying is the dominant strategy as it guarantees a better outcome regardless of the other's decision. 

Nash Equilibrium: This is when an individual or entity continues with their chosen strategy because there is no incentive to change it. 

Example:  If two businesses both set their prices lower than the market value then neither can increase their profit.

The payoff is the reward or outcome a player may receive as a result of the strategy of all players in a game. 

Example: I'm a head coach of a basketball team and I change my defensive strategy to double-teaming the opponent's best player. The strategy works which limits their effectiveness leading to my team winning the game.