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Can someone explain the "link juice" thing?

What exactly is link juice or link juice flow? I am seeing people using it in different ways so what exactly that means?

Some are referring to it as number of links pointing to the money site, so a bigger the number of links the bigger link flow or bigger number of google bot crawling your site.

Some are referring to it as anchor text usage. For example, if the anchor text on the first tier is "dog training" and the anchor on the second tier is also "dog training" it will pass a link juice. But if the anchor text on the second tier is "click here", for example, it will not pass a link juice.

Can someone provide detailed explanation, please?

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