ALBUM CHART
Singles- These are typically records with 2 songs max. They can contain multiple versions from clean, dirty, acapella to instrumental. These were once sold but nowadays they are given to DJs for spins mostly.
EP- Extended Play, This is a collection of music with more than just the single but not long enough to qualify as a studio album. Estimated length that the industry gives is 25 minutes or 4 tracks. And there have been numerous double EPs released over time.
LP- Long Play, This is a collection of music that qualifies as a full album release. Usually 40 minutes or 10 tracks at the minimum. There have been multiple disc albums up to 4x released in history.
Album- What an album is today is a LP that is promoted and sold where Neilsen Soundscan can keep track; also count towards a record contract to being completed. Albums are made by artists but controlled by record labels on every level; even the creation process.
Mixtapes- These have become underground albums today that are given away for free containing both original and unoriginal works. The soul purpose is to build a fan base not profit. Typically the artist is in complete control of this project so they decide the length, content, etc.