What does EP (extended play) actually mean?

Question

How many tracks, etc..?

Answer 1

Extended play (EP) is the name typically given to vinyl records or CDs which contain more than one single but are too short to qualify as albums. Usually, an album has eight or more tracks (anywhere between 25–80 minutes), a single has one to three (5–15 minutes), and an EP four to seven (or around 15–25 minutes).

http://en.wikipedia.org/wiki/Extended_play

Answer 2

it means that your tape moves much slower and last a lot longer but the quality is much lower.