Brightness multiplies every colour value. 100% leaves the image unchanged, 150% makes every channel half as bright again, and values below 100% darken. Because it is a multiplication, black stays black and highlights clip to white first, so pushing brightness too far flattens skies and white clothing into blank areas.
Contrast pushes tones away from (above 100%) or towards (below 100%) middle grey. More contrast makes shadows darker and highlights brighter, which can rescue a hazy or washed-out photo. Less contrast gives a softer, faded look.
Both run from 0% to 200%. Small moves, often between 90% and 130%, usually look the most natural.