ELI5 Recycling - wrong thing in the recycle bin, what happens next?

What happens when you put the wrong thing in the recycle bin? Why are some plastics recyclable and others not? How does aluminum get separated using magnets if it's not a ferrous metal?

... We explain like i'm five!

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Thank you to the r/explainlikeimfive community, and specifically the following reddit users whose questions and responses formed the basis of this conversation: happyweeze, zodde, schorhr, deviousterran, llittle_llama, fox-mcleod, samzeman, mathem_ & howmanydads

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