Wait Time
Amount of time waiting for the Server to respond. The Wait time is how long the host server took to generate the response. If the requested element requires a lot of software processing or database queries then this time could become quite long.

Receive Time
This one is the amount of time used for the server to transfer the required information to the client. This indicates how long it took to receive the response back from the host server. This is often relative to the size of the response – large response means long receive time.