This is a GREAT tutorial on how to install the code for Google Analytics directly into the HTML template of your blog. I tried the "simpler" way of using the Google Analytics Plugin for Wordpress and it slowed my blog to a snail's crawl so I don't recommend it.
Follow these instructions carefully and you will get tracking metrics for your blog.
Pragmatic Mom
Type A Parenting for the Modern World
http://PragmaticMom.com
I blog on parenting, education and children's literature
ps Bounce Rate is a term that will show up on your Goggle Analytics report once you get it going. It will be show as a percentage. It means the percent of people who come to your blog and leave after viewing one page.
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