Video
This lecture contains a short Introduction to the serverless architecture and AWS Elastic Beanstalk. Even if you use a cloud provider like AWS, you can still rent a virtual machine that has a dedicated CPU, memory and disk.
If you use a virtual server, this means that you still need to handle software updates, back-ups, monitoring, and any other aspects that ensure your application is running as expected.
AWS Elastic Beanstalk is a way to deploy an application but let AWS handle the hardware and software needed to run it. It is probably one of the easiest ways to deploy an application in the cloud.