What are the differences between earth, neutral, and live wire?

The main differences between earth, neutral, and live wires are:

1. Live wire carries the full load current, while neutral wire carries some current, only when the loads are not balanced.

2. Neutral wire is grounded at the mains panel, and the grounding wire is called earth because it is physically grounded to earth (via water pipes or metal rod).

3. Live wire is usually red and is at high voltage, while neutral wire is black and has voltage close to that of the ground.

4. Earth wire provides safety against faults and current leaks, and is usually green and yellow.