One equation, five moving parts
The rendering equation, term by term
Everything a renderer does is an attempt to evaluate this one integral at every visible point. Click any term to switch it off and watch what it was contributing. Then raise the sample count and watch the estimate crawl towards the true answer — that crawl is Monte Carlo integration, and it is the whole cost of ray tracing.
Shrink the light and uniform sampling falls apart — most rays miss it entirely, so the estimate jumps around wildly. Switch to cosine-weighted sampling and it steadies. That is importance sampling: spend samples where the integrand is large.
The integral runs over the hemisphere above the surface — every direction light could arrive from. That is why it cannot be solved in closed form for a real scene: Li is whatever the rest of the room happens to be doing, which depends on this same equation evaluated somewhere else. It is defined in terms of itself.