David Wiley coined the term "open content" to describe a creative work that can be freely accessed, used, copied, modified, or shared, in some cases (but not all) only requiring attribution to the creator. Open content is often made available under a Creative Commons Attribution 4.0 International License.
"Open access" refers to research that has been made available online without restrictions on access and few restrictions on reuse. Open access materials may be peer-reviewed, but are not always, and are available through open journals or data repositories.
An example of an Open Education Resource would be a textbook that is available to instructors and students for free online or in print for only the cost of printing.
An example of an Affordable Educational Resource might be a homework module built around and packaged with that open textbook and made available to students for $25/semester. The affordable resource contains the free OER textbook but has the value added homework, and so there is a relatively small cost attached.