Limiting Frames?

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I'm kinda confused on how to limit frames in my game, I was looking at some code when I came accross this:

Timer = MilliSecs()
...
...
.Main
If MilliSecs() > Timer + 1 Then Goto Render Else Goto Main

Can someone explain to me how this limits the frames produced? I can use it but I prefer to know how it works first.