The document discusses key concepts of cloud computing including: - Cloud computing relies on pooled computing resources that can be rapidly provisioned via virtualization and automation to scale services up or down based on demand. - There are various hosting models ranging from self-hosting to full cloud computing, with cloud computing offering the lowest upfront costs and ability to pay based on usage. - Cloud computing has evolved from mainframe computing through distributed systems and grid computing to today's utility computing model of on-demand access to shared computing resources and services over the internet.