These two inputs are used to connect the timing components- Resistor and Capacitor. The threshold comparator inside the IC is referenced at 2/3 Vcc and the trigger comparator is referenced at 1/3 Vcc. These two comparators control the internal Flip-Flop of the circuit to give High or Low output at pin 3.When a negative going pulse is applied to pin 2, the potential at pin2 drops below 1/3 Vcc and the trigger comparator switches on the Flip-Flop. This turns the output high. The timing comparator then charges through the timing resistor and the voltage in the timing capacitor increases to 2/3 Vcc.( The time delay depends on the value of the resistor and capacitor. That is, higher values, higher time).When the voltage level in the capacitor increases above 2/3 Vcc, the threshold comparator resets the Flip-Flop and the output turns low. Capacitor then discharges through pin 7.Once triggered, the IC will not responds to further triggering until the timing cycle is completed.
The time delay period is calculated using the formula T= 1.1 Ct Rt. Where Ct is the value of Capacitor in PF and Rt is the value of Resistor in Ohms. Time is in Seconds.