In this case, say I wanted to wait on a condition to happen, that may happen at any random time.
while True:
if condition:
#Do Whatever
else
See Busy_loop#Busy-waiting_alternatives:
Most operating systems and threading libraries provide a variety of system calls that will block the process on an event, such as lock acquisition, timer changes, I/O availability or signals.
Basically, to wait for something, you have two options (same as IRL):