Uncertainty
What Uncertainty means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Uncertainty
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Reference: Pearson Edexcel
Involves unpredictable events with unknown probabilities, such as a sudden global pandemic, unlike risk which can often be measured and managed.
A situation where the probabilities of outcomes cannot be quantified or predicted because the events are unprecedented or highly complex.
Topics that use Uncertainty
- Risk and liability (Pearson Edexcel A-Level)
- Risks and uncertainty (Pearson Edexcel A-Level)
Related terms
- Risk
- Business resilience
- Contingency planning
- Entrepreneurs
- Exchange rate risk
- Financial stability
- Forward contract
- Legal incorporation
Using Uncertainty in the exam
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