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In algebra, the term "variable" specifically refers to a symbol that represents an unknown value. This unknown value can change or vary, which is why it is called a variable. Typically, letters such as x, y, or z are used to denote these variables in expressions and equations.

Variables are essential in formulating algebraic expressions, as they allow for the representation of relationships between quantities that can vary. For instance, in the equation x + 3 = 7, the variable x represents an unknown number that, when solved, will identify its specific value.

The other options do not accurately capture the meaning of a variable. A fixed number does not change and is therefore not a variable; mathematical operations pertain to the processes used to manipulate numbers and variables rather than representing unknowns; a constant value does not vary and typically does not represent the flexible and dynamic nature of a variable in algebraic contexts. This highlights the unique role that variables play in mathematical expressions.