The document discusses cloud computing and defines it as a model that enables convenient, on-demand access to a shared pool of configurable computing resources like networks, servers, storage, applications and services. It describes the essential characteristics of cloud computing including on-demand self-service, broad network access, resource pooling, rapid elasticity and measured service. It also outlines the three main service models - SaaS, PaaS and IaaS - and the four deployment models - private, public, community and hybrid cloud. The document provides examples and diagrams to illustrate cloud taxonomy and different cloud services.