1. An algorithm is a precise set of instructions to perform a computation or solve a problem. Some algorithms are easier than others, such as finding the maximum value in a list, while others are harder like finding the shortest path between two locations.
2. The document describes several common algorithms including ones for finding the maximum value, doing linear and binary searches of a list, and sorting lists with bubble sort and insertion sort.
3. The running time of algorithms, measured by the number of steps needed in the worst case, varies from linear time (n steps) for linear search to logarithmic time (log n steps) for binary search to quadratic time (n^2 steps) for bubble and insertion sorts.