These settings are accessible by right-clicking the Flash content window however, if you have upgraded your Mac to OS X 10.7 Lion, you may have noticed that these settings seem to be unresponsive and clicking them does nothing, and the only way to navigate the settings is to press the Tab button to select elements, followed by the space bar to activate them.
Adobe Flash contains a number of settings for managing hardware such as Web cams and microphones in addition to how Flash stores temporary content on your system.