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Dedicated Host
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Reserved Instance
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Spot Instance
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On Demand Instance
EXPLANATION
Reserving instances in AWS will allow a user to purchase
dedicated EC2 instances with contracts for either 1 or 3 years for a
significant cost saving (up to 75%) of the on-demand instance price.
Spot
Instances allow the user to set a bid-price that they are willing to
pay for an instance. The bid price will vary from hour to hour, and when
the price drops below the users bid-price, AWS will give access to the
instances, however, if the price were to go up back above the bid price,
the instance will be terminated. As a result these instances are
typically only for very flexible applications such as big data,
containerized workloads, CI/CD, web servers, high-performance computing
(HPC), and other test & development workloads. Because Spot
Instances are tightly integrated with AWS services such as Auto Scaling,
EMR, ECS, CloudFormation, Data Pipeline and AWS Batch, you can choose
how to launch and maintain your applications running on Spot Instances.
SOURCE
https://aws.amazon.com/ec2/pricing/