A PAN-OS-style firewall keeps two configurations. Your changes go into the candidate, and the firewall keeps running the old one until you commit. Traffic moves between zones, so an interface does nothing until it has an address, a zone and a virtual router. Select FW1 and press Open Web Interface, or type: the console takes the same lines.
The simulator ticks each one as soon as the network meets it.
Interfaces: ethernet1/1 at 192.168.1.1/24 in zone trust, ethernet1/2 at 203.0.113.1/24 in zone untrust, both in virtual router default.
A default route: destination 0.0.0.0/0 to next hop 203.0.113.2.
A NAT rule HIDE: from trust to untrust, hiding traffic behind ethernet1/2. A security rule OUT: from trust to untrust, application any, service any, action allow.
Before you commit, try the ping from PC1: it fails, because all this is still only the candidate. show config diff lists what is waiting. Commit.