The E represents energy. The M represents mass. The C represents speed of light. What you have missing is that it's supposed to have "squared" after the MC.
So what it means (in my non-physicist's terms) is that Energy equals MC when you multiply that by itself.
In a over simplified manner, E=MC^2 is just describing how much energy is in a certain mass.
To put this in perspecitve:
The velocity of light is 3x10^8 meters/second.
So 1 kg of material has (1kg)(3x10^8)^2=9X10^16 Joules............That is 9 with 16 zeros behind it.
This is theory and we do not convert mass into energy at the same ideal situation that this describes but there is a lot of energy contained in mass.
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