This paper develops theoretical macroscopic air traffic flow models that relate vehicle density and spacing to traffic flow (throughput) measures under different operational parameters for unstructured airspace in the Advanced Air Mobility (AAM) context. Recognizing the role of conflicts in air traffic flow, we relate vehicle density to the frequency of conflict occurrence in airspace using a gas-kinetic analogy. The number of conflicts is then related to vehicle speeds using an average speed loss per conflict. The effects of the speed reductions are coupled with density to explore the fundamental diagram between flow rate and density. The theoretical models are tested and validated with simulated results for a number of parameter levels. The models can be applied for quick predictions of future traffic flow conditions, which will be especially useful for operators or air traffic flow management systems. The theoretical and simulated findings also provide operational and policy insights for AAM operators, planners, and modelers. Notable insights include the critical role of aircraft density in air traffic flow and the variable impact of that density on traffic flow behavior. AAM operators and planners will need to closely manage the airspace density to avoid large numbers of conflicts simultaneously and maintain acceptable travel times and throughputs. Key operational parameters such as aircraft spacing requirements and maximum aircraft speeds were also found to have significant impacts on traffic flow behavior, and offer policy avenues for managing air traffic.