Cloud computing provides shared resources, software, and information over the internet. It allows users to access applications from anywhere without installing them. There are three main types of cloud computing - public cloud (resources owned by a cloud provider and shared among customers), private cloud (dedicated resources for a single organization), and hybrid cloud (combination of public and private). The main components of cloud computing include SaaS, PaaS, IaaS, and utility computing. The advantages are flexibility, low costs, easy management, and scalability while the disadvantages include dependency on providers and security risks.