What is the order of execution and redering of hooks and page components? In order to have a better understanding of what Drupal does, I need to find out what the order of execution of hooks and page components is.

A page layout in Drupal consists of HTML, regions, nodes, blocks, Views and ... . Every one of these components have lots of preprocess or process functions,  like hook_preprocess_node. There are also template functions, theme functions and ... that are run to build the page array.

To avoid my question to be too broad, let's only talk about the hook and preprocess functions not the core functions. 

Thanks.
Consider looking at the X-ray module also. From its project page:

X-ray module gives a look at the skeletal structure of a site to help developers and site builders see how things work.
Features:

A technical summary is added to the help above the main administrative sections. For example, blocks, content types, and menus are summarized on Structure; themes on Appearance; etc.
A table of permission titles matched to their permission machine names.
A table of most* hooks which Drupal invokes (and when they are invoked) and that are available to be implemented.
The function and arguments producing each page you visit, displayed on that page.
The form ID of every form you see, displayed on the form.