Cloud Service Model - Runtime
Runtime is a term used to refer to the period of time during which a computer program is executing. In this context, cloud platforms that are responsible for runtime are responsible for providing the compute resources and memory to run the application. In other words, the application in question is running on CPU and memory provided by the cloud services provider.
Links:
https://forum.networklessons.com/t/cloud-service-models/5628/9?u=lagapides