Organization, folder, project, resource
The hierarchy is organization, then folders, then projects, then resources. Regions and zones are locations, not hierarchy levels - a region contains zones and each zone is an independent failure domain. IAM and organization policies attached to a folder inherit to every project inside it, which makes a folder the right boundary for delegating a department or isolating a subsidiary; firewall rules and instance templates are project-level and do not inherit. A project is the boundary for IAM, billing and quota, and a deleted project is recoverable for 30 days.