Geologic time is the extensive interval of time occupied by the Earth's geologic history. It extends from about 3.9 billion years ago (corresponding to the age of the oldest known rocks) to the present day. It is, in effect, that segment of Earth history that is represented by and recorded in rock strata.
The geologic time scale is the "calendar" for events in Earth history. It subdivides all time since the end of the Earth's formative period as a planet (nearly 4 billion years ago) into named units of abstract time: the latter, in descending order of duration, are eons, eras, periods, and epochs. The enumeration of these geologic time units is based on stratigraphy, which is the correlation and classification of rock strata. The fossil forms that occur in these rocks provide the chief means of establishing a geologic time scale. Because living things have undergone evolutionary changes over geologic time, particular kinds of organisms are characteristic of particular parts of the geologic record. By correlating the strata in which certain types of fossils are found, the geologic history of various regions (and of the Earth as a whole) can be reconstructed. The relative geologic time scale developed from the fossil record has been numerically quantified by means of absolute dates obtained with radiometric dating methods.
Excerpt from the Encyclopedia Britannica without permission.