Physically, a resistor is made from an electrically 'resistive' material such as carbon or carbon composite, metal or metal oxide film, connected to two terminals. When a voltage source such as a battery is connected to the terminals, charge carriers such as free electrons in the resistive material start to 'flow', resulting in an electric current $I$ given by Ohm's Law.
$I = \frac{V}{R}$
The resistance of the resistive material is measured in Ohms, $\Omega$. Typically, resistive materials are made from carbon, metal or metal oxide film. For a resistive material of length $L$ and cross-sectional area $A$, the resistance is given by:
$R = \rho\frac{L}{A}$ where
where $\rho$ is the resistivity of the material (in $\Omega.m)$.
Physically, the voltage source establishes an electric field $E$ within the resistive material, resulting in a current of density $J=\frac{I}{A} = \frac{E}{\rho}$.
For a variable resistor, or potentiometer, a third terminal is connected to a slider which intercepts the resistor at some tapping point, as shown schematically in your diagram, effectively reducing the length of the resistor and therefore the resistance between the terminal and the tapping point.
When the voltage is applied across the first terminal and the tapping point, with nothing connected to the third terminal, the electric field will only be present between the first terminal and the tapping terminal. There will be no electric field between the tapping terminal and the third terminal, so no current will flow to the third terminal. It will appear as a 'blocked path' or 'open circuit' with 'infinite resistance'.