What's the deal with MS office saying initially that the software would run on any computer capable of running OS X El Capitan? Now their website shows the requirement the software at 4GB of ram. My almost five year old MBA has only two. Will it run? Is it supported?
Providing you're on the correct OS, it'll run. You won't feel as much of an impact with the 2GB RAM because your MacBook Air has an SSD, which in part will compensate for a RAM bottleneck when it writes to the SSD as virtual memory.
For peace-of-mind with regards to performance, you can check that you have about 10GB of free space (which should allow ample breathing room for any memory leaks or high resource usage), and that you shut down whenever you're not using it with the option
reopen windows when logging back in disabled.