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Please Define the Following Key Terms

question 42

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Please define the following key terms
-Evliya Çelebi


Definitions:

Expected Value

A calculated average of all possible outcomes of a particular random variable, weighted by their respective probabilities.

Certain Income

Certain income refers to a guaranteed or fixed amount of earnings that an individual or entity can expect to receive over a period.

Uncertain Income

Uncertain income refers to earnings that fluctuate and are not guaranteed, often associated with irregular work or investment returns.

Probability

The measure of the likelihood that an event will occur, quantified as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

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