Table of Contents
What Is a Sample Space?
A sample space is a set of all possible outcomes of an event. For example, if you toss a coin, the sample space is {heads, tails}.
Some Important Definitions
1. Inflation:
Inflation is a sustained increase in the general level of prices of goods and services in an economy over a period of time. It is measured as an annual percentage increase in the price level.
2. Price level:
The price level is a measure of the average prices of goods and services in an economy. It is calculated by dividing the total value of all goods and services in the economy by the total number of units of currency in circulation.
3. deflation:
Deflation is a sustained decrease in the general level of prices of goods and services in an economy over a period of time. It is measured as an annual percentage decrease in the price level.
4. GDP:
GDP is a measure of the total value of all goods and services in an economy. It is calculated by adding the value of all final goods and services produced in an economy during a period of time.
5. GDP per capita:
GDP per capita is a measure of the average GDP of a country per person. It is calculated by dividing GDP by the population of a country.
Difference Between a Sample Space and an Event
A sample space is a collection of all possible outcomes of an event. An event is a specific outcome that can occur in a sample space.
Sample Space- Examples
The space of all possible outcomes in a situation is called the sample space.
Some examples of sample spaces are as follows:
-The space of all possible outcomes when flipping a coin
-The space of all possible outcomes when rolling a die
-The space of all possible outcomes when choosing a card from a deck of cards
Sample Space-
There is an infinite amount of space.
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