[Python] How does the key argument in python's sorted function work?

Say I have

votes = {'Charlie': 20, 'Able': 10, 'Baker': 20, 'Dog': 15}


I understand

print(sorted(votes.items(), key=lambda x: x[1]))


will lead to

[('Able', 10), ('Dog', 15), ('Baker', 20), ('Charlie', 20)]


But how does this work?

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