The document discusses the complete diode model, which consists of three main elements: (1) the barrier potential, or minimum voltage required for current to flow; (2) a small forward dynamic resistance representing voltage drop from current; and (3) a large internal reverse resistance accounting for reverse current. The complete model more accurately represents diode behavior in circuits compared to simpler models, as it takes into account factors like voltage drop and reverse current. Diodes can be visualized as switches that are open or closed depending on forward or reverse bias conditions.