Just like any car loving kid around the world, the first time I saw the James Bond movie Goldfinger at around age 8, I was way more in love with his tricked out DB5 than anything Pussy Galore had to offer. Now my question doesn't have much to do with Bond's specific car other than it being the first place I noticed something as a kid. Now that I'm in my 30s I still don't have a good answer.

What I noticed in the car was 3 levers right above the radio (and the Stone Age GPS). The first two seem to be the car's climate control, but the last one down caught my attention. I think it's labeled RICH, START, and FAST. Now my car knowledge tells me this probably has something to do with the engines fuel mixture and is likely some kind of choke. Is that correct?

Beyond that, I never had a vehicle that required a choke. I've seen them in heavy equipment, large diesel trucks, even on tiny engined lawn equipment. I think I recall learning that one of the many adjustments drivers had to make while driving a Model T Ford was adjusting the fuel mixture. So if it was something that both a Tin Lizzy and a gorgeous 60s sports car had in common, it seems logical that it was once common on all cars.

I'm just curious as to what the adjustment specifically does to the engine. Does it add more fuel or air to the mixture in the cylinder? Also why is it something that's no longer needed? Was it replaced once electronic components became common like with fuel injection replacing carburetors?

Thanks in advance for your help and I hope it doesn't seem like too silly a question.