Common North American household power systems are AC, usually 60 Hz frequency, and fed to your house from a transformer. Think of the transformer's output (from its secondary winding) as having three wires to your house - two from the two ends of the winding, and one from the center. The transformer is set up so that the two end leads deliver to you an AC supply with an rms voltage of 240 v. So, compared to either end connection, the center lead is 120 v AC. In actual use, the center lead is treated as a common current return line, and the two end leads are separate supply lines, each at 120 v AC from the center. But because the two end leads are exactly 180 degrees out of phase with each other, between those two you get 240 v AC.
Now, for safety, the convention in North America is that, both at the transformer and at your house breaker panel, the common center lead is connected to a true ground lead - that is, a lead really solidly connected to earth ground. Doing this establishes a reference point for all those AC voltages in terms of the earth - one of the leads is at earth potential at all times. Hence that one is usually called the "Neutral" line, and the other two (from the winding ends) are both called "Hot" lines. Just to make it easier to keep track of things, some people use DC concepts and refer to the two "Hot" leads as "+ 120 v" and "- 120 v" lines, but that's not quite right.
Note that the Neutral line is connected to earth ground. In fact, it actually is connected to the SAME earth grounding point as the "Ground" wires - usually, that point is a water pipe entering the house and buried in the ground outside. But here's the important difference. From the breaker panel out to any outlet, the Ground lead is NEVER connected to carry a current in normal use. A circuit will have a "hot" lead to supply power to a device, and a "Neutral" lead to return the current. The wiring cable also will have a bare copper "Ground" wire in it which is connected to the outlet box and to the Ground connector hole in the outlet. But the Ground lead is NEVER involved in carrying current for the devices plugged into the outlet. Its two purposes are to guarantee that there is a true earth ground connection to the device (often used for its exterior surfaces if it has a metal case), AND, in the rare event of a wiring malfunction that connects the Hot lead to the wrong thing, like the outer case, there is a reliable low-resistance return path to Ground at a very high current for all the power available from the Hot lead, sufficient to cause the breaker to trip and shut it off.
Wires are not perfect conductors - they have resistance. So in practice at an outlet connected to a heavy load, the Neutral lead may have a voltage above true Ground, because it is connected to ground farther away at the breaker panel. This is acceptable because the Neutral line is NOT presumed to be safe - it is part of the current-carrying circuit. But as long as we follow the rules and never try to run a current through the Ground lead, it IS safe and at true earth Ground potential at all times, except briefly during an emergency when it does its job to cause the breaker to trip.