It generates a list of numbers, which is generally used to iterate over with for loops.
>>> range(5) # Create a sequence of elements with stop 5
range(0, 5)
>>> range(-5) # elements at stop -5
range(0, -5)
>>> type(range(5)) # range is a separate type
<class 'range'>
>>> list(range(5)) # Convert range to list
[0, 1, 2, 3, 4]
>>> list(range(0,10,2)) # Provide step to produce even numbers
[0, 2, 4, 6, 8]
>>> list(range(1,10,2)) # Provide step to produce odd numbers
[1, 3, 5, 7, 9]