Algebraic expressions represent unknown values using letters or variables without specifying their actual values. They can consist of variables, constants, and coefficients. Muhammad ibn Musa al-Khwarizmi introduced algebraic expressions in his book "The Compendious Book on Calculation by Completion and Balancing" in the 9th century. There are different types of algebraic expressions including monomial, binomial, and polynomial expressions. Algebraic expressions are used in mathematics, computer programming, and economics to solve equations and determine values like revenue and costs. They can be added, subtracted, and factored.