A concrete example will help:
Lets suppose we have a volume group called VG1, this volume group has a physical extent size of 4MB. Into this volume group we introduce 2 hard disk partitions, /dev/hda1 and /dev/hdb1. These partitions will become physical volumes PV1 and PV2 (more meaningful names can be given at the administrators discretion). The PV's are divided up into 4MB chunks, since this is the extent size for the volume group. The disks are different sizes and we get 99 extents in PV1 and 248 extents in PV2. We now can create ourselves a logical volume, this can be any size between 1 and 347 (248 + 99) extents. When the logical volume is created a mapping is defined between logical extents and physical extents, eg. logical extent 1 could map onto physical extent 51 of PV1, data written to the first 4 MB of the logical volume in fact be written to the 51st extent of PV1.