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Trying to understand Quota
Talking about quota limits, .. API If I have 10,000 units per day, what does that mean? Does that mean, I can call the api with api key x, 10,000 times a day.
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Yes. That is either exactly what it means or close to it.
To be exact, we'd have to look at the specific API and see how many units are counted with each API call and if there is something more complicated about their calculation. Some cloud hosting providers relate the metrics to a complex combination of CPU time and bandwidth.
Some calculations are so complicated that they want customers to stop trying to figure it out and just accept whatever limits they impose. They don't want customers to argue with support staff on charges or quota limits so preventing you from understanding how the calculation should work means you simply have to trust them or stop doing business with them.