Okay kiddo, imagine you have a toy box (monoid) with different types of toys in it. Now, you want to make a big toy box (a ring) that has all the toys from the first toy box, plus a few more. But you don't want to mix up the toys from the first toy box.
So what you do is take each type of toy from the first toy box and make a copy (that's called an element). Then you put these copies together in a big pile (that's called a set) and use them to make the new toy box.
Now, this new toy box (monoid ring) has two special things that make it different from the first one. First, you can add any two toys in this toy box, and get another toy back. This is like when you put two different types of toys together and play with them in a new way. Second, you can multiply any two toys in this toy box, and get yet another toy back. This is like when you use a toy in a new way, like when you pretend a toy car is driving through a toy town.
And that's what a monoid ring is all about. It's a special kind of toy box (ring) that has copies of toys from another toy box (monoid) and lets you add and multiply them in new ways.