The Law of Averages is a layman's term used to describe the belief that the results of any given event "work out" or "even out" over a set of trials in the short run.
The LoA's assumes that balance will always occur within a small sample.
Essentially, it is the belief that a rare occurrence will happen given enough time and is similar to the shotgun effect
1) If you flip a coin 10 times, the Law of Averages states that 5 flips will be heads, and the other 5 flips will be tails.
2) If you apply to enough Universities, the Law of Averages states that you will eventually get into atleast one.
The trump card used at a cocktail party to convince someone who has lesser academic background and sophistication and legitimize your argument.
Q: Gun control doesn’t work!
A: Well…The Law of Averages says otherwise.
Q: 2nd amendment!
A: The 2nd amendment has its limits, if it didn’t, there would be no need for civil servants (police).
Q: The government is not taking my guns away!
A: No one said Gun Prohibition, its called gun control.
Q: Government will not control me!
A: It already does, don’t you have an ID?
A: The Law of Averages!