The Binomial Theorem is a fundamental principle in algebra that provides a formula for expanding expressions raised to a power, specifically in the form of (a + b)ⁿ. It states that this expression can be expanded into a sum involving terms of the form C(n, k) * a^(n-k) * b^k, where C(n, k) represents the binomial coefficient, which counts the number of ways to choose k elements from a set of n elements. The theorem is useful in various fields, including probability, combinatorics, and calculus. It allows for quick calculations of powers of binomials without the need for repeated multiplication, making it a valuable tool for mathematicians and scientists alike.