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The term "serverless architecture" refers to a cloud computing model that enables developers to build and run applications without the need to manage server infrastructure. In this model, the cloud provider takes care of the server management, scaling, and provisioning, allowing developers to focus on writing code and developing applications. This means that users can deploy their applications more quickly and efficiently, as they do not have to worry about the underlying infrastructure.

This approach also leads to cost efficiency since users typically only pay for the compute resources they consume, rather than maintaining idle servers. Thus, "serverless" does not mean there are no servers involved; rather, it implies that developers are not directly accountable for server management. This architecture promotes agile development practices and can enhance scalability in response to application demand.

The other options are less aligned with the true definition of serverless architecture. For instance, some suggest the need for physical servers or focus heavily on database-centric architecture, which do not capture the essence of serverless as a framework designed to abstract server management away from the user. Others may imply a guarantee of uptime or operational status which, while important, is not a defining characteristic of serverless architecture itself.