An algorithm is a defined procedure for problem-solving, consisting of logical steps that produce outputs from specified inputs, while flowcharts visually represent these steps in a diagrammatic format. Algorithms and flowcharts each have unique advantages, such as effective communication and structured programming, but also come with limitations like complexity and difficulty in modifications. The document discusses structured programming concepts, the differences between top-down and bottom-up approaches, and provides a comprehensive overview of programming in C language including data types, constants, and memory management.