Final answer:
The kernel is the software that creates an abstraction layer between a computer's physical resources and its application programs, effectively managing and allocating system resources.
Step-by-step explanation:
The software that acts as an abstraction layer between the physical resources of the computer system and the application programs that run the system is known as the kernel. The purpose of the kernel is to manage the system's resources such as the CPU, memory, and input/output devices, and to provide a secure and efficient way for applications to access these resources. Unlike a compiler or an interpreter that translates higher-level code into machine code, or a loader that loads the executable into memory, the kernel is constantly running and providing essential services for all other software on the system.