____ are the two basic types of probabilities.

A) Objective and subjective
B) Macro and micro
C) Tangible and intangible
D) Certainty and uncertainty
E) Cause and effect

Subjective Probabilities

Individual assessments or beliefs about how likely events are to occur, based on personal judgment rather than objective data.

Objective Probabilities

Quantifiable likelihood or chance of an event occurring, based on statistical and empirical evidence rather than subjective judgment.

Probabilities

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