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Flashcards covering key concepts from section 4.1, including probability definitions, the law of large numbers, and the law of averages.
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Probability
A number between zero and one that describes the proportion of time the outcome would occur in a very large number of repetitions.
P
From now on, it stands for probability.
Law of Large Numbers
If we observe more and more repetitions of any chance process, the proportion of times that a specific outcome occurs approaches its probability.
Law of Averages
Tries to guess the outcome of an event based on what happened before, even though the events are random.