../ means the folder above the current path, and ./ (in javascript, but slightly different in other languages) means the same folder as the MAIN script that first ran (i.e. index.html, not something that was called from index.html).
For example, if you only used...
src="jquery.js"
...you are telling the script you want to access the file in the same folder as the script that is running right now, so this will change based on where your calling script is. What this means is, say you write that line in c:\www\index.html. Your script will expect to find jquery.js in c:\www\jquery.js. But if index.html calls a script myscript.js in the scripts folder, and THEN myscript.js calls jquery.js, your script will expect to find jquery.js in c:\www\scripts\jquery.js. Adding nothing just means, "whatever the current folder is".
if you used...
src="../jquery.js"
...you are telling the script you want to access the file in the folder ABOVE the current script. So it would expect to find it in c:\jquery.js
if you used...
src="./jquery.js"
...you are telling the script you want to access the script in the same folder as the ORIGINAL calling script, not necessarily the script that wrote that line. For example if index.html gets called and it's in c:\www\index.html, then that index.html file calls /scripts/mootools.js, and mootools.js calls "./jquery.js", jquery.js will be expected to be in c:\www\jquery.js (because that's where the original script that ran was), NOT c:\www\scripts\jquery.js
It might sound confusing but it's not: no dots/slashes means the path = the current running folder. 1 slash means the root folder, 1 dot and 1 slash means the original calling folder, and 2 dots and 1 slash means the parent to the original calling folder.