Elastic Beanstalk is a fully managed service for deploying and running web applications and services in the AWS cloud. EC2 (Amazon Elastic Compute Cloud) is a web service that provides resizable compute capacity in the cloud, allowing users to launch virtual servers called "instances" to run a variety of applications and services. Elastic Beanstalk is easy to use and requires minimal configuration, while EC2 offers more customization options and control over the underlying infrastructure. Both are pay-as-you-go services.