What kind of plant is this with bright red flowers and zig zag edges on the leaves?

It is commonly known as "balsam" as it belongs to the Balsaminaceae family. There is a huge variety in colors when it comes to the flowers. The fruit is a green, velvety sac with mustard-like seeds (pretty clear in the pic provided by you). The most interesting part about this plant is that its stem and branches are translucent. If you put a sapling into a beaker of colored water, you could see the water move upwards. A cross-section of the colored stem when observed under a microscope would easily help you identify the xylem. This was an experiment that I did when in school. This plant was a favorite with my Biology teachers.

Impatiens balsamina is the botanical name. Horticultural Technician and instructor at Vancouver Island University. Taught plant identification at Niagara College Department of Horticulture.