What does Asset, Equity, and liability mean????

Please help me in understanding assets, liabilities and equity I have recently started learning about investing, and have came across assets, my abilities and equity. But somehow I’m getting confused by this terms frequently.So far what i have an idea is whatever the company owns is called asset. liabilities means the debt that the companies have taken. And equity means the ownership of the company So what does this formula actually means Equity = Asset - Liability What exactly does equity mean, asset and liability means in day to day life so i can relate it. I have searched for some youtube and online articles but remained confused about it. So it better so ask it on reddit. I am very thankful for each one for explaining me out.