Final answer:
The component described that facilitates the flow and communication of information in a computer is the Bus. It is essential in transferring data within the computer and allows for the efficient operation of the machine.
Step-by-step explanation:
The component of a computer that facilitates the flow of information and communication between components and peripheral devices is the Bus. The bus serves as the communication system that transfers data between components inside a computer, or between computers. This system is critical for the functionality of the computer's network, as it helps to process data and spread it across different parts of the computer for further action.
Early computers, such as the HB85B manufactured in the early 1980s, had simpler versions of these buses, but as technology evolved, so did the complexity and efficiency of the bus systems. The advent of the microprocessor significantly changed the landscape of personal computing by integrating a computer's processing power into a single chip, making modern computers much more powerful and allowing for the efficient processing of large amounts of information.