In plain english, we start with the term 1. To get the next term, we multiply 1 by 1/2 to get 1/2. So the second term is 1/2. The third term is 1/4 since (second term)*(r) = (1/2)(1/2) = 1/4. And so on. This is continued on forever to generate an infinite number of terms. These terms are added up.
The question is: do all of the terms add up to a fixed number? Or do these terms just go on forever making the sum larger and larger?
Since r = 1/2, which is between -1 and +1, this means that the series does converge. The sum slowly gets closer and closer to a fixed value. The sum does NOT go on forever.