Defining Virtualization and Cloud Computing?

Virtualization is a process through which a hardware resource (such as a server or network) is cloned as an in-memory resource and is used as the (virtual) foundation to support a software stack. Virtualization is not an entirely new concept; virtual memory, for example, is used extensively in modern operating system(s) for security, for process isolation, and to create an impression that more memory is available than is actually present. Virtualization also makes it easy to transfer a virtual resource to another system

when the underlying hardware fails. 

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Cloud Computing : Cloud computing is about abstracting the computing infrastructure and other associated resources and offering them as service, usually on a pay-per-use basis, over the Internet. The service can be targeted for human consumption or consumption by other software systems. Users just need a web browser to access services; software systems can consume services using a web application programming interface (API). This abstraction is often realized through a technical process called virtualization.