a polynomial is an equation of the form n^a +n^(a-1) +n^(a-2)... n^3 +n^2 +n +1 where n is the size of the input.
to say a problem is bounded by a polynomial, generally means it's an "easy" problem.
the most common example i can think of would be sorting.
say you have a list of values of unknown magnitude (they can be as big or as small as desired) and you want to place them from smallest (closest to -infinity) to largest (closest to +infinity) there are many approaches to solving this problem, at worst it takes n^2 time, where n is the number of values, and at best it takes n*log(n). both are considered polynomial times.
to say a problem is non-polynomial, generally means it's a "hard" problem.
the classic non-polynomial time algorithm is the traveling salesman problem.
imagine you have a bunch of cities each with one or more connecting roads. is it possible to visit every city only once, without going back over the same road?
this sounds easy to solve, but is actually quite hard. with enough cities and enough roads, it could literally be "impossible" (take a very long time to determine).
the good news is, with most problems that are non-polynomial, once you have an answer, generally its fairly "easy" (polynomial time) to check if you're right.