What does etc stand for/mean?
It stands for "et cetera" that means in Latin "and other things"
From the Wikipedia:
There has been controversy over the meaning of the name, but in early versions of the UNIX Implementation Document from Bell labs, the section for /etc is clearly commented as etcetra directory, as this directory historically held everything that did not belong elsewhere (though in FHS it is clearly restricted to static configuration files and may not contain binaries)