FCFS (First Come First Serve) is a non-preemptive scheduling algorithm where processes are executed in the order of their arrival. It uses a first-in first-out queue and is simple to implement. However, it can result in longer waiting times, especially for I/O bound processes. It also favors CPU-intensive processes as they can monopolize the CPU once started. The document then provides an example of FCFS scheduling along with the calculation of turnaround time and waiting time for each process.