Something you'll do more often is labeling your axes. You never want to present data in a vacuum. You definitely want to tell people what it represents. To do that, you can use the xlabel() and ylabel() functions on plt to actually put labels on your axes. I'll label the x axis Greebles and the y axis Probability. You can also add a legend inset. Normally, this would be the same thing, but just to show that it's set independently, I'm also setting up a legend in the following code:

axes = plt.axes() 
axes.set_xlim([-5, 5]) 
axes.set_ylim([0, 1.0]) 
axes.set_xticks([-5, -4, -3, -2, -1, 0, 1, 2, 3, 4, 5]) 
axes.set_yticks([0, 0.1, 0.2, 0.3, 0.4, 0.5, 0.6, 0.7, 0.8, 0.9, 1.0]) 
axes.grid() 
plt.xlabel('Greebles') 
plt.ylabel('Probability') 
plt.plot(x, norm.pdf(x), 'b-') 
plt.plot(x, norm.pdf(x, 1.0, 0.5), 'r:') 
plt.legend(['Sneetches', 'Gacks'], loc=4) 
plt.show() 

Into the legend, you pass in basically a list of what you want to name each graph. So, my first graph is going to be called Sneetches, and my second graph is going to be called Gacks, and the loc parameter indicates what location you want it at, where 4 represents the lower right-hand corner. Let's go ahead and run the code, and you should see the following:

You can see that I'm plotting Greebles versus Probability for both Sneetches and Gacks. A little Dr. Seuss reference for you there. So that's how you set axes labels and legends.