A stack is a last-in, first-out data structure where elements can only be inserted or removed from one end. Stacks follow the LIFO principle. The document discusses stacks and their use in evaluating arithmetic expressions. Expressions can be written in infix, prefix, or postfix notation, and converting an infix expression to postfix notation allows it to be evaluated using a stack, with operators and operands pushed and popped off the stack from left to right.