t1.micro is an AWS EC2 instance with 1 vCPU, 0.613 GiB memory (Variable). In US East (N. Virginia) it costs $0.02 per hour on demand ($14.60 per month) for Linux; a 1-year reserved instance with no upfront costs $0.014 per hour, 30% less. Spot capacity is about $0.0028 per hour. It is sold in 9 regions; the cheapest is Asia Pacific (Singapore) at $0.02 per hour.
Prices by region
USD per hour, Linux. Reserved prices are no upfront, standard. Cheapest on-demand first.