The quantity is called the conditional pdf.
The constraint that
simply means that the r.v.'s
and
are not mutually exclusive, meaning there
is some probability that both
and
will occur together.
Note that if x and y are independent r.v.'s, then
and
reduce to the univariate pdf's for x and y:
and therefore for independent pdf's we find that the bivariate pdf is simply the product of the two univariate pdf's: