What is the PVM ?
Python is based on Objects Oriented Languages and also based upon Interpreter,PVM architecture deals with the Bytecode and that Bytecode is understood by the Machine.
Here is Python Virtual Machine Diagram .
Laxing: It is the part of the Internal Python Module ,laxing makes a small piece of a single file, in simple word laxing divides a file into multiple small files.
Parsing: It is making a tree which is known as Parse Tree ,Parsing makes the tree of the file and also gives the indexing to the file which comes from Laxing.
Compilation : It changes a file into a bytecode(.pyc) file which is understood by the Machine
Execution: When the .pyc file comes to the execution process it will be run by the interpreter.