The document discusses key concepts in fluid dynamics including: 1) Bernoulli's principle states that an increase in fluid velocity results in a decrease in pressure. 2) Pascal's law describes how pressure is transmitted equally in all directions throughout a confined fluid. 3) Continuity equations states that the flow rate of a fluid remains constant regardless of changes to its velocity or pressure. 4) Venturi tubes use the Bernoulli effect to create regions of lower pressure by increasing fluid velocity through constrictions.