In PyQt, the event handling mechanism is also known as signals and slots. An event can be in the form of clicking or double-clicking on a widget, or pressing the Enter key, or selecting an option from a radio button, checkbox, and so on. Every widget emits a signal when any event is applied on it and, that signal needs to be connected to a method, also known as a slot. A slot refers to the method containing the code that you want to be executed on the occurrence of a signal. Most widgets have predefined slots; you don't have to write code to connect a predefined signal to a predefined slot.
You can even edit a signal/slot by navigating to the Edit | Edit Signals/Slots tool in the toolbar.