Can someone explain to me why do we call the determinant of a matrix "determinant"? Does it have any meaning? Like it determines something for example!
Why is determinant called determinant?
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It determines whether a linear system of equations has a solution.
A linear system of $m$ equations in $n$ variables, denoted $A\mathbf{x}=\mathbf{b}$, has a unique solution if the rank of its augmented matrix equals $n$, denoted $\operatorname{rank}(A^{\#}) = n$. (The rank of a matrix is the number of nonzero rows in its row-echelon form and the augmented matrix, $A^{\#}$, is $A$ extended with $\mathbf{b}$ in the last column.)
For $1\times1$ $A$ ($[a_{11}]$), the determinant is $a_{11}$ and the linear system it represents has a solution if $a_{11} \ne 0$ (this is the trivial case of $a_{11}x = b$).
For $2\times2$ $A$, represented
$$ A=\left[ \matrix{ a_{11} & a_{12} \\ a_{21} & a_{22} } \right] $$
the row-echelon form is
$$ \left[ \matrix{ a_{11} & a_{12} \\ 0 & a_{22} - \frac{a_{21}a_{12}}{a_{11}} } \right] $$
so as long as $a_{22} - \frac{a_{21}a_{12}}{a_{11}} \ne 0$, or equivalently $a_{11}a_{22} - a_{12}a_{21} \ne 0$, the system has a unique solution.
Extending this to larger 2D matrices,
$$ \det(A) = \sum \sigma \left( p_1, p_2, \ldots, p_n \right)a_{1 p_1} a_{2 p_2} \cdots a_{n p_n} $$
where the summation is over the $n!$ distinct permutations $\left( p_1, p_2, \ldots, p_n \right)$ of the integers $1, 2, 3, \ldots, n$ and
$$ \sigma \left( p_1, p_2, \ldots, p_n \right) = \begin{cases} +1 & \text{if } \left( p_1, p_2, \ldots, p_n \right) \text{ has even parity}, \\ -1 & \text{if } \left( p_1, p_2, \ldots, p_n \right) \text{ has odd parity.} \end{cases} $$
This is explained well in Chapter 3 of "Linear Analysis and Differential Equations" by Goode and Annin (Amazon Link).
Determinants can be used to calculate areas and volumes in a geometric sense, but the term itself originated from its use in determining whether or not systems of equations have solutions.
NOTE: NOT to be confused with the discriminant, which "discriminates" (i.e. deciphers) the types and numbers of solutions to a polynomial equation.
Here is some information about the origin of the term determinant. This term was introduced the first time $1801$ by C.F. Gauss in his Disquisitiones arithmeticae, XV, p. 2 in connection with a form of second degree.
and Muir continues: