Bitcoin is a crytocurrency and electronic payment system that can be used to purchase goods and services anywhere in the world. Cryptocurrency allows Bitcoins to be a secure transaction medium as well as regulating the creation of additional coins to the market. One of the most important aspects of Bitcoins or other crytocurrencies is that it is completely decentralized. The system relies on other Bitcoin holders. The more coins mined and held, the higher the price of the coin as its scarcity increases. However, if a large holder of Bitcoins was to sell them the value of the currency would greatly devalue.
The blockchain is essentially the Bitcoin holders balance. It's a large shared public ledger that records all confirmed transactions. This information is shared between all Bitcoin holders and helps to verify the validity of transactions and help prevent double-spending(fraudlent spending involving two different recipients at the same time).
Bitcoin mining is the process of having a computers hardware complete complex mathmatical calculations for the blockchain which helps confirm transactions and also acts as security. When calculations are completed people whos machine completed the calculation will be rewarded in transaction fees they helped confirm as well as newly mined Bitcoins. Mining is a highly competitve market and requires a lot of power and high preforming hardware to complete calculations. There is also a finite amount of Bitcoins which can mined. There can only be 21,000,000 BTC mined and when they're gone, they're gone!
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