What does effect , action and resource means with respect to AWS IAM policy ?

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 Q1. What does effect , action and resource means with respect to AWS IAM policy ?Amazon Web Services (AWS)
Ans. effect means whether the effect of this Policy is to allow or deny, action means the type of action ( read , write ) and service, and resource is the resource where this should apply.

For example - If we want to have a Policy of providing read access on S3 ,
effect will be "allow"
action will be "s3:GetObject"
resource will be "arn:aws:s3:::examplebucket/*"

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