Its just like let suppose we are famish and want to have dinner .Now there are two cases (1) i already know how to cook (kneading,rolling the dough, baking roti, cooking vegetable) so before cooking(Execution) at the time of planning( Compilation)i called 4 person ( Binding) to do these 4 tasks Thats Early binding ::Everything done before.( like ,binding of functions with their machine language instruction and variables with their value....)
Case (2) i dont know cooking and this time during cooking( Execution) as i face particular task i call person related to that task at that moment( ofcourse this " at the monent" phenomenon will consume time.Thats late binding : Things done at run time.