Here is the circuit diagram of Two Flashing LED's for different applications (such as model construction), and recreational. Having adjustable flashing speed with two potentiometers. It is the collection of a few active and passive components. This circuit is very easy to built ( a good idea for beginners ) and can be build on a general purpose pcb or on a veroboard. The complete picture and schematic of this project is shown below
circuit from http://www.extremecircuits.net/2009/12/two-flashing-leds-circuit-schematic.html