He takes your bishop on c5, you take back with the b-pawn, and nothing has happened. Three points off each side, and the game goes on. Then two moves later he wins a rook for a knight and something has happened, because that swap is worth two points, and two points at club level is most of a game.
Material is what you have standing on the board, counted up: pawn 1, knight 3, bishop 3, rook 5, queen 9. The king carries no number because you never trade it and it is never captured. Add up both armies, subtract one from the other, and the difference is the material balance. Every phrase you hear at a club is that number in words. A pawn up. A piece down. Level material.
Count the difference, not the pile
Nobody counts sixteen men twice with a clock running. Strike off the pairs instead, and whatever is left over is the answer.
7
2
a
d
f
g Both sides have castled, both have six pawns, a queen, two rooks and a bishop. The knight on f3 is the whole difference. Do that subtraction after every capture and you will never be surprised by the score at move thirty.
How big is big
A single pawn is nearly invisible in a sharp middlegame and often decisive in a pawn ending. Three points, a knight or a bishop, wins the game outright at beginner level once you swap the queens off. Five points is over. Two points, a rook for a knight, is the awkward one in the middle, and it usually tells in the endgame rather than before it.
The numbers themselves live on the piece values page, and the rook-for-minor-piece case has its own name and its own page: the exchange.
Where the count is wrong
Twice a game, roughly. The first case is a piece that cannot move: a bishop on c8 walled in behind its own pawns on b7 and d7 counts three and does the work of nothing. The second is a passed pawn on the seventh rank, which counts one and is about to count nine.
So count, then look. And before you count anything, check what your opponent is attacking, because a piece left hanging is worth nothing at all: it already belongs to him. That habit, run once a move, saves more points than any opening you will ever learn, and how to stop blundering turns it into a routine.