Final answer:
The term for the likelihood that a particular event will occur is called probability, which is measured on a scale from 0 to 1, representing impossibility to certainty, respectively.
Step-by-step explanation:
The likelihood that a particular event will occur is called probability. This concept in mathematics measures how likely it is for a certain event to happen. For instance, when you toss a fair coin, the probability of getting a head is 50 percent because the coin has only two sides and there is an equal chance for either a head or a tail to show up on any given toss. Theoretical probability is calculated by counting the number of outcomes for event A and dividing by the total number of outcomes in the sample space. If events are equally likely, they will share the same probability value.