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Could someone help me understand the input() function?

I'm currently learning Python and am learning about very basic functions such as int(), float(), and input().

I have the first two down pat, but I'm struggling to understand the last. The example I'm looking at is found at 12:26 of this video:

nam = input('Who are you? ')
print('Welcome', nam)

Who are you? Chuck
Welcome Chuck

In this case, wouldn't nam be a variable equal to the text on the right side of the = sign?

In which case, if nam is equal to input('Who are you? '), then wouldn't print('Welcome', nam) just result in

Welcome input(Who are you? )?

Obviously not (nor does it work in a compiler), which leads me to believe I'm clearly misunderstanding something. But I've rewatched that section of the video several times, and looked it up elsewhere on the web, and I just can't wrap my head around it.

Could someone help me with this?