The document discusses the three basic elements of theatre - the text, performance, and audience. It explores how these elements interact and influence each other. The text can take many forms from plays to improvisation. The performance brings the text to life through elements like acting, design, and staging. The audience completes the experience and provides feedback through their engagement. Theatrical works exist on a spectrum from popular entertainment to challenging avant-garde works, and economics plays a role in who can access and appreciate live performances.