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The frequency of a wave is a fundamental characteristic describing how often the wave oscillates or cycles over a period of time. In essence, it's the number of complete waves that pass a particular point per second. This is typically measured in Hertz (Hz), with one Hz equating to one cycle per second.

When observing waves, such as those on the surface of water or sound waves traveling through air, the frequency is directly related to how 'fast' the wave seems to be. High-frequency waves have shorter periods (the time between two successive cycles is shorter), making them appear to vibrate or cycle quickly. Conversely, low-frequency waves have more extended periods and appear to cycle more slowly.

In the provided exercise, the frequency calculation was the first step. It is critical to have this value correct, as it serves as the foundation for later calculations, such as wave speed. The problem gives you that five crests pass by in 14 seconds, thus the frequency is calculated as \( f = \frac{5}{14.0~s} = 0.357~Hz \). This is a relatively low frequency, indicating a slow oscillation rate.

The speed at which waves travel, referred to as wave speed, is an important property of waves. Wave speed can tell us how fast energy or information is being transferred by the wave. In physics, this speed is defined as the distance a wave travels per unit of time, generally expressed in meters per second (m/s).

The exercise in question allows us to calculate the wave speed once the frequency and wavelength are known. This calculation utilizes the formula \( v = f \times \lambda \) where \( f \) is the wave's frequency and \( \lambda \) is its wavelength. It's important to realize that while the wave speed can be influenced by the medium through which the wave travels, it is determined by the characteristics of the wave itself in the given context.

For transverse waves, such as the one in our exercise, this concept becomes especially tangible when we observe ripples on the surface of water or even electromagnetic waves like light. The computed speed from the exercise, \( v = 0.357~Hz \times 2.76~m = 0.984~m/s \), would therefore represent how fast the wave travels through its medium.

The term wavelength describes the physical length of one cycle of a wave, from crest to crest or from trough to trough in the case of a transverse wave. It's a measure of the distance over which the wave's shape repeats and is denoted by the Greek letter lambda (\( \lambda \)). Wavelength is usually measured in meters (m).

In the context of our transverse wave exercise, the distance between two successive minima (or two crests, for that matter) represents the wavelength. Understanding the concept of wavelength is crucial because it relates directly to the energy of a wave; shorter wavelengths generally mean more energy, while longer wavelengths correspond to less energy.

Illustratively, wavelength can be thought of as the 'size' of the wave, and together with its frequency, it defines the wave's overall energy and behavior. In the exercise, the wavelength was derived from the given distance between minima, which was found to be \( \lambda = 2.76~m \). This length helps to visually describe the scale of the wave and, alongside frequency, determines the wave speed and the nature of the wave's interaction with its environment.