Machine time:    
The time that machine is working on a product. Machine time is the time that machine is working on a product.
Machine Cycle Time:
 Machine cycle time is the average time of completed units coming out of the  machine.
Example :
In 6 working hours, machine is producing 6 product then cycle machine cycle time is 1 Hour.  And machine time is 6 hours.
Machine Cycle time :    Total machine cycle time / Units produced