One of my previous posts contained a link to a Youtube video (produced by Waves, maker of many DAW plug-ins). That was a great overview, but if you really want to get into the nitty-gritty, checkout the Wikipedia page on this subject: Dynamic Range Compression (on Wikipedia).
There are dozens of charts and graphs in this article, like this one.
At a glance, it explains the difference between “downward compression” (knocking down the loud bits) and “upward compression” (raising up the quiet bits).
More Great Audio Concepts Explainer Graphics
Check out all the graphics posted to Wikimedia Commons by user Iain Fergusson. Amazing!
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