There is a useful diagrammatic representation of this process given here Libby, Anderson and Arnold (1949) were the first to measure the rate of this decay.
They found that after 5568 years, half the C14 in the original sample will have decayed and after another 5568 years, half of that remaining material will have decayed, and so on (see figure 1 below).
14C also enters the Earth's oceans in an atmospheric exchange and as dissolved carbonate (the entire 14C inventory is termed the carbon exchange reservoir (Aitken, 1990)).
Plants and animals which utilise carbon in biological foodchains take up 14C during their lifetimes.
Herein lies the true advantage of the radiocarbon method, it is able to be uniformly applied throughout the world.
Included below is an impressive list of some of the types of carbonaceous samples that have been commonly radiocarbon dated in the years since the inception of the method: The historical perspective on the development of radiocarbon dating is well outlined in Taylor's (1987) book "Radiocarbon Dating: An archaeological perspective".
It follows from this that any material which is composed of carbon may be dated.Libby and his team intially tested the radiocarbon method on samples from prehistoric Egypt.