The document discusses asymptotic notations that are used to describe the time complexity of algorithms. It introduces big O notation, which describes asymptotic upper bounds, big Omega notation for lower bounds, and big Theta notation for tight bounds. Common time complexities are described such as O(1) for constant time, O(log N) for logarithmic time, and O(N^2) for quadratic time. The notations allow analyzing how efficiently algorithms use resources like time and space as the input size increases.