The First Come First Serve (FCFS) scheduling algorithm allocates CPU resources based on the order of processes arriving in a queue and uses a non-preemptive, FIFO approach. While easy to implement, FCFS can lead to inefficiencies in time-sharing systems. The document also briefly discusses the Shortest Job First (SJF) algorithm, which optimally minimizes average waiting time by allocating CPU to the process with the smallest next CPU burst time.