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i. A probability is usually expressed as a decimal, such as 0.70 or 0.27, but it may be given as a fraction, such as 7/10 or 27/100.
ii. The closer a probability is to 0, the more likely that an event will happen.
Iii) The closer the probability is to 1.00, the more likely an event will not happen.
Bystanders
Individuals who are present at an event or incident but do not take part in it.
Peril
A specific risk or cause of loss covered by an insurance policy, such as fire, theft, or flood.
World System Theory
A socio-economic theory that suggests the world is a complex system influenced by economic and political relationships between countries, emphasizing the division between core and periphery nations.
Economic Hierarchy
Details the structured ranking of individuals, organizations, or countries based on their economic power, wealth, or resources, influencing their status and opportunities within a society.
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