Complex sentence: In ArcGIS the term "ArcView" is the lowest level of licensing for the ArcGIS system, offering less functionality than the middle level, ArcEditor, or the highest level, ArcInfo.
Split into simpler sentences: In ArcGIS the term ArcView is a level of licensing for the ArcGIS system. ArcView is the lowest level of licensing offering less functionality than the middle level, ArcEditor, or the highest level, ArcInfo.