An easy analogy will be the traffic. Let's say it takes an hour from A to C. However, between A and C there is also a point B which takes 57 minutes due to heavy traffic. From B to C it takes only 3 minutes. Here we can say that the time required to move from A to C is almost determined by the 57 minutes travel from A to B because it takes almost an hour. Likewise, the slowest step in the reaction mechanism determines the overall rate.