Words of Frank Knight, In words of Frank Knight , risk, not like uncertainty: (w) is

Words of Frank Knight

In words of Frank Knight, risk, not like uncertainty: (w) is totally unpredictable. (x) is a main source of pure economic profits. (y) may be estimated. (z) cannot be taken into account while firms make decisions regarding production and pricing.

Can anybody suggest me the proper explanation for given problem regarding Economics generally?

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