Like amplitude in wavelength of water waves signify the displacement of water particles about their mean position.
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2This might have been asked before, does e.g. http://physics.stackexchange.com/q/19670/ answer your question? – innisfree Dec 18 '14 at 14:59
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The answer to the question "What oscillates?" depends on the level of physical model that you are interested in. It could be an electromagnetic field, it could be a wave function etc. What level of explanation are you looking for? – CuriousOne Dec 18 '14 at 15:09
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I understand that photon has oscillating electric and magnetic field.So does oscillating electric and magnetic field has to do anything with the frequency or wavelength of em wave?..i am asking about the physical significance of the representation of the amplitude when we draw a sinusoidal wave that represents a em wave of particular wavelength.. – Blue Pirate Dec 18 '14 at 15:21
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3It's the other way round: one can not assign a wave to a single photon. Instead many photons form a classical electromagnetic wave collectively. When we are talking about the amplitude of an em wave, we are talking about the amplitudes of electric and magnetic fields. The wavelength of both the electric and magnetic component are the same. The direction of the vectors of both fields can differ and so can the phase between the two waves, which explains the different polarization modes of light (linear, elliptical or circular). – CuriousOne Dec 18 '14 at 15:28
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What makes the electric field oscilate – Blue Pirate Dec 18 '14 at 15:36
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@CuriousOne: Hi! Yes, you are right, a single photon is a problematic creature. But why don't you stress this point? I saw some time ago a material on this topic, but here is something fresh that I found in Internet about single photon: "Does a single photon have amplitude?", http://www.reddit.com/r/askscience/comments/19vwre/does_a_single_photon_have_an_amplitude/, see the before last entry. – Sofia Dec 18 '14 at 19:48
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@Sofia: I think what is is difficult about the concept of the photon is to get over this false mental image that it is an entity of its own that propagates trough a classical vacuum as a particle. We have been teaching this so long that it has established itself as a strong cultural meme. That's, of course, not what a photon is. It's one of the possible quanta that denote the allowed configuration changes of a quantum field, i.e. it is a dynamic property of that field, rather than "its own". If we were to teach it this way, I think fewer people would find its properties difficult to "grok". – CuriousOne Dec 19 '14 at 01:19
3 Answers
Although you can (as you obviously know) think of electromagnetic radiation as either a particle or a wave, it's easier in this case to think of it as a wave.
As a thought experiment, if you wave a magnet near a piece of wire, an electric potential will be induced in the wire. Likewise, if you pass current through a wire, a magnetic field will be produced around the wire. You can restate those two observations as: "a changing magnetic field produces an electric field; and a changing electric field produces a magnetic field."
If you work out the math to describe those interactions, you essentially get Maxwell's field equations. In a nutshell, if you want to produce an electromagnetic wave, you start by creating a time-changing electric field (say, by running electrons back and forth in an antenna). The changing electric field produces a changing magnetic field. The changing magnetic field in turn produces a changing electric field, et cetera. So an EM wave is just an electric field and a magnetic field leapfrogging their way through space.
To finally answer you question, the "amplitude" of the wave is the strength of the electric and magnetic fields involved. They aren't in units of distance, as are sound waves or water waves.

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Thank you , that really helped. Another question- Is a E-M wave produced just by running electrons back and forth in an antenna? Does the running of electrons produce photo? Then every electric circuit should emit photons shoudn't it? – Blue Pirate Dec 20 '14 at 10:32
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Yes, running electrons back and forth in an antenna produces EM waves (and therefore photons). And yes, every electronic circuit emits (very low power) EM waves (and therefore photons). That's why airlines require you to turn off your electronics during take-off and landing. The wavelength of the EM waves (photons) emitted depends on the frequency at which you run the electrons back and forth, so devices that have internal clocks at (for example) 1GHz produce EM waves with a wavelength of about a foot. – David Rose Dec 22 '14 at 16:56
Before the photon is absorbed, i.e. whilst the photon quantum field is in a pure, one photon state, you can define the following probability amplitudes that uniquely specify the one-photon state:
$$\begin{array}{lcl}\vec{\phi}_E(\vec{r},\,t)&=&\left<\left.0\right.\right| \mathbf{\hat{E}}^+(\vec{r},t)\left|\left.\psi\right>\right.\\ \vec{\phi}_B(\vec{r},\,t)&=&\left<\left.0\right.\right| \mathbf{\hat{B}}^+(\vec{r},t)\left|\left.\psi\right>\right. \end{array}\tag{1}$$
and these probability amplitudes oscillate in space and time just like a classical light field. They have the physical meaning that the probability density to destructively detect the photon, i.e. absorb it with an ideal detector, when the state is properly normalised, is the analogue of the classical energy density (normalisation makes the classical energy density into a probability denstity), i.e.
$$p(\vec{r},\,t) = \frac{1}{2}\,\epsilon_0\,|\vec{\phi}_E|^2 + \frac{1}{2\,\mu_0}\,|\vec{\phi}_B|^2\tag{2}$$
In the above, $\psi$ is the photon field quantum state, $\mathbf{\hat{B}}^+,\,\mathbf{\hat{E}}^+$ are the positive frequency parts of the (vector valued) electric and magnetic field observables and, of course, $\left<\left.0\right.\right|$ is the unique ground state of the quantum photon field. Given the knowledge that the field is in a purely one photon state, the vector functions of space and time in (1) uniquely define the photon field's quantum state and contrariwise, so that they can be taken as being the quantum state. Moreover, the functions in (1) always fulfill Maxwell's equations and every classical solution of Maxwell's equations uniquely defines a one-photon state. So every solution to Maxwell's equations can indeed stand for three separate and different things (1) a classical EM field, (2) a one photon quantum state or (3) a coherent state of the the quantum light field (this state has a Poisson-distributed number of photons). So there is a one to one correspondence between the elements of all these three classes.
See my answer here for more information and references.
Now, you cannot physically measure an overall phase of the light field, but you can certainly, in principle, see the diffraction and other wave effects by destructively detecting successive photons passing through an experimental apparatus one photon at a time.

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Your question is pretty vague, but does this help--
The E-M wave amplitude is a complex oscillating function, as you can see at the wikipedia page . Now, the power in any wave is the square of the amplitude, or more precisely, the product of the amplitude and its complex conjugate.
It turns out that E-M energy is quantized, so we can assign a specific energy to a photon based on its frequency.
If the wave diagrams at that page don't answer all your questions about wavelength, frequency, and orientation, please try to repost a more specific question.

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1.Does the amplitude of E-M field depend upon the energy it has got? 2.Is the frequency of the photons and amplitude related? 3.What makes the E-M fields oscillate in the first place? – Blue Pirate Dec 20 '14 at 10:28