Ok this is one big of a problem I ever had when I'm started to learn python few years back. Python is just like any other oop programming languages which does compilation before program execution. When python compiles its program, it creates the bite code which is you can see by standard library called dis.
import dis
print(dis.dis(your_program))
Sometimes (not always) python creates .pyc file for the running programs to improve the speed up the loading of import modules but not to improve the execution time. So hope you get intuition behind .pyc, furthermore .pyc only creates when your module is import by another module.
As an example, Imagine you have this print.py (Let's modify it shall we)
def return_print_statment(statement):
print('Printed version: ', statement)
Suppose this module imported by another custom module called views.py. In views.py there is a module_view which will use the return_print_statment
from print import return_print_statment
def module_view():
...
return_print_statment(output)
So in the compilation, since you have imported the print.py python will generate print.pyc file for it. In python 2.0 python will put the .pyc to right next to your program in the same folder, but in python3 instead of creating in the same folder python will create separate folder called __pycache__ in the same directory to put these byte codes.