Amazon EC2 - Elastic Compute Cloud
Elastic Compute Cloud or EC2 refers to compute (server) resources. In AWS, servers are called Amazon EC2 instances or just "instances". To create or change an EC2 instance, login into your AWS console. Then click on relevant links under EC2. Once your setup is complete, you can log into your instance via your terminal.
Servers are accessed through IP addresses. In the cloud, we spin up new virtual servers on the fly. To efficiently deal with these changes, elastic IPs are used. They are not dynamic addresses assigned to your account. Servers on the cloud are accessed through these elastic IP addresses.
Amazon Machine Image (AMI) is a packaged environment containing a software stack along with its dependencies that are necessary to set up an EC2 instance. It is the basic unit of deployment. You can create your own AMI or use a prepackage AMI created by a commercial organization or a community.
Bootstrapping refers to creating a repeatable process that can run independently to get an application up and running on an EC2 instance. This could, for example, involve installing dependencies, pulling code from GIT, deploying, and startup.