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Serverless Architecture refers to a cloud computing execution model where the cloud provider dynamically manages the allocation of machine resources, and a developer does not need to think about servers or runtimes when deploying their application. It emphasizes on building and running applications without having to manage infrastructure. This aligns with the Full Stack Web Development hierarchy as it allows developers to focus more on business logic rather than system administration tasks. With Serverless Architecture, you can write code, create an API, and then deploy it without worrying about servers or scaling issues. The cloud provider takes care of server maintenance, patching, and availability which results in cost savings and efficient resource utilization. Additionally, this architecture is well-suited for event-driven, real-time applications, making it a valuable skill in the realm of Technology and Web Development.