Definition of an API request in Power Automate licensing - API request limits

[-carmon]

We need to do some capacity planning for a migration project with lots of classic SP2010 workflows. 

According to: http://aka.ms/platformlimits, Power Automate usage will count against the number of API requests. 

However, its unclear how an API Request is defined.

Is every building block, such as initiating and setting of variables regarded as a single API request or....?

Or does it (only) concern actions, triggers, loops...? (like Logic Apps)

Please advice..thanks!

[#2]

@-carmon 

I am 98% sure that each step (trigger - action - loop) is counted. 
Usage reports and monitoring capabilities are expected by October 2020 in the Power Platform admin center and will be the best way to monitor/analyze usage for API requests. This reporting will account for interactive and non-interactive traffic, and will also de-duplicate calls between Power Apps and Power Automate to the Common Data Service.

Source: https://github.com/MicrosoftDocs/power-platform/blob/master/power-platform/admin/api-request-limits-...