Total time
How long the request took from start to the first answer. Under half a second is good for a page; an API should be faster.
One measurement is a sample
Response time varies from request to request. Run the check a few times and look at the range, not one number.
Where the time goes
Slow answers can come from the name lookup, the connection setup or the server itself. Compare with a fast site to see how much is outside your control.