Feynman said in this chapter that if a system absorbs (rejects) an amount of heat $d Q$ at a temperature $T$, then we say the entropy of the system increased (decreased) by an amount $dS=d Q /T$. And he previously showed that for a reversible engine operating between two temperatures, the entropy lost from the hotter reservoir is equal to the entropy gained by the cold reservoir $$Q_{h}/T_{h}=S=Q_{c}/T_{c}.$$
So the entropy here is some quantity related to changes of the system: heat flows out of our system at a given temperature, we lose some entropy. He then said that when a system goes from state $a$ with temperature $T_{a}$ and volume $V_{a}$ to state $b$ with temperature $T_b$ and volume $V_b$, we can write the change of entropy as $$S_a-S_b=\int_{a}^{b} \frac{dQ}{T}.$$
What does $S_{a}$, or $S_b$, represent in this case? In the first case entropy was something flowing in and out and was connected to the amounts of heat leaving or entering the system. Now, entropy is connected only to the volume and temperature of the system, regardless of heat flows. Aren't these two interpretations at odds with each other?
A heat $Q_1$ at temperature $T_1$ is “equivalent” to $Q_2$ at $T_2$ if $Q_1 / T_1 = Q_2 / T_2$, in the sense that as one is absorbed the other is delivered. This suggests that if we call $Q/T$ something, we can say: in a reversible process as much $Q/T$ is absorbed as is liberated; there is no gain or loss of $Q/T$. This $Q/T$ is called entropy.
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We can move around on a $pV$ diagram all over the place, and go from one condition to another. In other words, we could say the gas is in a certain condition $a$, and then it goes over to some other condition, $b$, and we will require that this transition, made from $a$ to $b$, be reversible. Now suppose that all along the path from $a$ to $b$ we have little reservoirs at different temperatures, so that the heat $dQ$ removed from the substance at each little step is delivered to each reservoir at the temperature corresponding to that point on the path. Then let us connect all these reservoirs, by reversible heat engines, to a single reservoir at the unit temperature. When we are finished carrying the substance from $a$ to $b$, we shall bring all the reservoirs back to their original condition. Any heat $dQ$ that has been absorbed from the substance at temperature $T$ has now been converted by a reversible machine, and a certain amount of entropy $dS$ has been delivered at the unit temperature as follows: $$dS=d Q /T.$$ Let us compute the total amount of entropy which has been delivered. The entropy difference, or the entropy needed to go from $a$ to $b$ by this particular reversible transformation, is the total entropy, the total of the entropy taken out of the little reservoirs, and delivered at the unit temperature: $$S_a-S_b=\int_{a}^{b} \frac{dQ}{T}.$$