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In SharePoint admin center (Office 365) my site collections may be assigned storage quota and server resource quota. Here is even MSDN article explainig how to change it. By default, resource quota is 300.

What do those numbers mean? What is quota of 300?

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From my understanding, Microsoft is using the "resources" word purposefully to be vague. It is a vague reference to memory and CPU time. My guess is that microsoft didn't want to make any promises when it comes to CPU or memory, so we get "resources". Smart, and fairly humorous.

So, to answer your question, "resources" is the maximum amount of relative CPU and memory allocated to a site collection and or site collection group.

The actual CPU in MHertz and memory in MBs is unknown.

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