Physical Volume: A physical volume (PV) is another name
for a regular physical disk partition that is used or will be used by
LVM.
Volume Group: Any number of physical volumes (PVs) on
different disk drives can be lumped together into a volume group (VG).
Under LVM, volume groups are analogous to a virtual disk drive.
Logical Volumes: Volume groups must then be subdivided
into logical volumes. Each logical volume can be individually formatted
as if it were a regular Linux partition. A logical volume is,
therefore, like a virtual partition on your virtual disk drive.
Physical Extent: Real disk partitions are divided into
chunks of data called physical extents (PEs) when you add them to a
logical volume. PEs are important as you usually have to specify the
size of your volume group not in gigabytes, but as a number of physical
extents.