I stole this one from this site which claims it is from "The Encyclopedia of Networking and Telecommunications"
"A carrier signal is a specific frequency in an analog communication
channel that is modulated with an information-carrying signal.
Carrier signals are commonly used in AM, FM, and other radio
transmissions to differentiate among channels. When you turn a radio
dial, you are selecting a carrier frequency. The radio then amplifies
the signal carried on the selected frequency. In AM (amplitude modulation),
modulation changes the strength or amplitude of the carrier signal.
In FM (frequency modulation), the frequency of the carrier signal
is modulated."