Final answer:
The schematic represents an NPN transistor, a device that uses base voltage to control current flow between emitter and collector.
Step-by-step explanation:
The schematic described is a representation of a transistor, specifically an NPN transistor. It is a semiconductor device used to amplify or switch electronic signals and electrical power. The base, collector, and emitter are the three terminals of the transistor. When a voltage is applied to the base, it acts as a control valve allowing current to flow from the emitter to the collector. This is how it functions in a circuit, using base voltage to regulate the collector current.