In some reactions, the reactant is mentioned as being "excess". For example, "phosphorus pentoxide forms in excess oxygen" or "pentahalides form with excess halogen".
But since the balanced equation shows exactly how many moles of a reactant are necessary, what is "excess" about the reactant? And how does it contrast with "limited reactant" and just "reactant"? (Ie: What's the difference in a balanced equation between oxygen, limited oxygen and excess oxygen?)
Does each balanced equation need to explicitly say somewhere that this is specifically an excess/limited reactant, or can this be inferred from the stoichiometric coefficients of the balanced equation? Do you need at least two equations side by side to see that one is excess and the other isn't?
Additionally, taking for example the following two reactions
$$\ce{P4 + 3O2 -> P4O6}\\[1em] \ce{P4 + 5O2 -> P4O10}$$
it seems to me that mathematically on a mole basis, sure we can say that tetraphosphorus hexoxide will form with 3 moles of O2 available (per mole of P4), but tetraphosphorus decoxide needs 5 moles of O2, however, given the huge amount of actual molecules in the reaction, how do the molecules know when there's excess? I mean, why doesn't the phosphorus just form a lot of P4O10 and then just a few molecules of P4O6 with the few leftover O2 molecules, or would this be some kind of unstable situation and the phosphorus molecules are pretty considerate and don't start forming P4O10 until every P4 has at least 3 O2 attached to it?
To sum up, my questions are:
What's the difference between "reactant", "limited reactant" and "excess reactant" in a balanced equation?
Can the fact that the reactant is excess/limited be inferred from the balanced equation?
Why is it that the same reactant (such as P4) proceeds in two different ways depending on whether the second reactant is excess/limited?