Signal is a time varying physical phenomenon which is intended to convey information.
Signal is a function of time.
ORSignal is a function of one or more independent variables, which contain some information.
Example: voice signal, video signal, signals on telephone wires etc.
Note: Noise is also a signal, but the information conveyed by noise is unwanted hence it is considered as undesirable.
System is a device or combination of devices, which can operate on signals and produces corresponding response. Input to a system is called as excitation and output from it is called as response.
For one or more inputs, the system can have one or more outputs.
Example: Communication System