The time signature (also known as meter signature, metre signature, or measure signature)

is a notational convention used in Western musical notation to specify how many beats (pulses)
are contained in each measure (bar), and which note value is equivalent to a beat.

Simple time signatures consist of two numerals, one stacked above the other:

 The lower numeral indicates the note value that represents one beat (the beat
unit). This number is typically a power of 2.
 The upper numeral indicates how many such beats constitute a bar.