The "classic" way is using the water tap and bucket analogy.
Good exposure is the bucket filled to the rim.
Underexposure a not yet full bucket.
Overexposure a bucket overflowing.
Film speed is the size of the bucket. A faster film is a smaller bucket, a slower film a larger one.
Shutterspeed the time it takes to fill the bucket.
Aperture how far the tap is opened, i.e. the rate of flow.
Turn the tap open more, and it will take less time to fill the bucket.
Close the tap a bit, and it will take longer.
Change the size of the bucket leaving the tap as it is, and it will take longer or shorter, depending on whether the new bucket is larger or smaller.
Something everyone will understand, even 3 year olds.