p-code stands for pseudo-code i.e. code that the CPU cannot execute directly. BASIC has always been an interpreted language. Its statements were not translated directly into machine language, instead they were translated into a more compact form which in turn was re-translated into machine language immediately prior to execution. Therefore, p-code will compile faster, but execution will be slower. (though the process of ranslating p-code into executable code is highly efficient)
The main benefit of p-code is that it is compact and not too much slower than executable machine code. But you do pay this (however small) penalty at each execution of your program. _________________________________
In theory, there is no difference between theory and practice. In practice, there is. [attributed to Yogi Berra]