It depends on what camera you are using.
You can adjust the shutter speed of Canon EOS cameras so there isn't a set shutter speed.
Aperture Priority has the camera set the shutter speed for you allowing you to set the aperture and it will set what shutter speed it thinks is best for your current light situation.
Aperture priority lets you set the aperture you want and the camera sets the shutter speed for you. You use it when you want to control depth of field. Shutter priority lets you set the shutter speed you want and the camera sets the aperture for you. You use it when you want to control how motion is rendered in the photograph. Program mode sets both shutter speed and aperture for you. Use it when you are not concerned with aperture or shutter speed control.
The amount of time that the shutter remains open - allowing light to pass through it to form the image. Generally - a lower shutter speed would be combined with a smaller aperture and a higher shutter speed with a larger aperture to correctly expose the image.
Shutter speed is how fast your shutter opens and closes to take a picture on your camera. Shutter speed also has a lot to do with exposure. The higher the shutter speed (1/2000 example) the less light.
Use shutter priority mode (S mode on dial) or manual mode (M on dial) and then select the speed you want by using the dials.
It depends on what camera your using, some have it so that the shutter will stay open for seconds long. Some have a,"bulb" mode where the shutter stays open for the whole time you have the shutter-release button pressed.
You have it set wrong. You can change the shutter speed in the menu
The shutter speed setting controls the picture exposure, or how dark or bright the picture will be. Wikipedia has some very good information on shutter speed and aperture.
Shutter speed is how fast your shutter opens and closes to take a picture on your camera. Shutter speed also has a lot to do with exposure. The higher the shutter speed (1/2000 example) the less light.
It doesn't necessarily inprove your picture. The higher the shutter speed, the less light, also the blur in a photo. A higher shutter speed will freeze a photo. A lower shutter speed will blur most motion and will increase chances of blur.
Shutter speed has a lot to do with your overall exposure. A higher shutter speed will decrease the light a lot. I was in best buy playing around with a camera and turned the camera shutter speed to 1/4000. After taking the photo, the preview was black. I realized it was because of how much higher I increase my shutter speed. Shutter speed also affects motion in a photo. A higher shutter speed will freeze all action in a photo a will less likely have a blur to it if you have a shaky hand. A lower shutter speed lets in more light while the shutter is will opened so the entire time that the shutter is open, the camera takes in all that light. Increasing chances of blur, you can also use this for crazy, funky effects! If your taking a picture of a waterfall with a low shutter speed, your gonna get a blur, which can typically look pretty epic sometimes too.