Ahhh, that control is the Exposure Value (EV). It provides you a way to control the combination of factors that make up exposure based on the settings on your camera.
If you are in something other than manual control mode the EV control will cause a change to the aperture, shutter speed and/or the ISO depending on capabilities and other settings on your camera.
For example you might have auto-ISO set and that tells the camera that it is free to change the ISO as necessary. If that is the case then +1 EV will double the ISO. It can get pretty complex, basically you are allowing the computer in the camera to take control of the factors controlling exposure.
If you are in Aperture mode, the camera may change shutter speed or ISO to give a particular exposure.
If you are in Shutter Priority mode, the camera may change aperture or ISO to give you the identical exposure.
This control has limits however. You can't exceed the maximum or minimum aperture of a lens for example. You may have menu options to make for a maximum ISO or minimum shutter speed and the camera, of course has it's own limits like the lens.