Most electricity is generated using a 3 phase generator. (It has three magnetic poles in a "Y" formation.) as the generator turns it creates electricity from each pole. The differences in the peak time of the voltage and current is related to the mechanical distribution of the magnetic poles. Each magnetic pole and it's electricity is called a phase.
Most house electricity will simply use a single phase, however some large appliances (dryers etc) may use all three phases.
The differences between each phase can simply be described as a time delay in its peak power. Each of the three phases are 120 degrees delayed from the previous phase.
There is no need to get excited on the comments. Point is your question is very basic. All of us in India are taught in first year of engineering college under subject "Electrical Engineering" about single phase and three phase electric supply. Sorry if you are not an engineer then you can ask such question but you could have got the answer from any of you friends or you could have checked on the Google. I hope I have not hurt your feelings.
Suresh.
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"Engineers should not look for jobs but should create jobs for others" by Dr.Radhakrishnan Ex President of India during my college graduation day