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A risk is a situation where the outcome of an event is unkown but the probability of the occurrence of the event is known.
Uncertainty is a situation where both the outcome of an event and the probability of the occurrence of the event are unkown.
In relation to a Market, a systematic risk is the risk associated to a Financial Market ie it is generally inherent and cannot be diversified(ie regardless of the sector you choose to operate, the risk is applicable).
an unsystematic risk is the risk that is prone to a particular business type. as such, it is not general and can be diversified(ie the risk will only occur if you choose to participate in the sector)
