Firing of neuron

what is firing of a neuron means? is it like generating output… that means neuron will generate output only when value is higher than threshold?

Yes, what you’re saying sounds almost right

A Neuron firing basically implies if it’ll be “activated” or not i.e. if it’ll be able to output something that affects further calculation

Consider the example if ( WX + b ) is 1.745, this value is passed into an activation function which finally decides the output value of this neuron. In a simple case, assume that this activation function is a simple binary step function then the output value becomes 1.