Usage by page views reports the total number of web page requests (this excludes images etc).

What this means in English...

Each time a page is requested it is logged. This number is the total number for all pages for the time period (day/week etc).

This is not the  number of hits. The number of hits on the site will be much higher. Hits is the number of page requests plus the number of image requests. So if the page requested contains text and 10 pictures, the number of hits is 11 (one for the page and 10 for the images). Unsurprisingly website owners like to quote hits - as it makes their site look much busier!

If someone visits the same page on a website twice in one day (without restarting their machine or their browser) this will count as only one page view.
If someone the same page after restarting then this will count as two page views.