Permalink Slug vs Page Slug

Hello,
I’m a little confused about how the slugs work. Under the Events -> Settings -> Pages menu, there are options for “Permalink Slugs” and also for selecting pages. For example, right now:
1) Under the “Permalink Slugs” section I have “event-categories” set for Event Categories, and
2) Under the “Event Categories” section, I have a categories page selected with the title “Event Categories”, and that page also has the slug “event-categories”.

Everything seems to be working fine, I think… but it’s a little confusing.

Are my setting okay? Is there a potential conflict from having this setup? Should I have just left the “Permalink Slugs” section blank? Would my permalink structure and setting event related pages to have an event “parent” page possibly cause issues?

Sorry for the barrage of questions, but I hope you can help me understand this a little more ??

Thanks!

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