On earlier slide, we saw that busybox includes an init application. So it is pretty close to a self-contained system by itself.
In fact, just add a kernel, /etc and /dev directories and you have a bootable Linux system!
May also need a C library (and others) if running other applications or busybox not statically built.
No run levels. If you want runlevels, build and install SysVinit if you want those (or use one of the alternatives).