The binomial distribution describes the probability of a specific number of successes in a series of independent events, each with a probability p of success. It is represented mathematically as Bin(n,p), where x can range from 0 to n. The independence of events allows for the use of the product identity in calculating probabilities. While the binomial distribution can lead to a normal distribution under certain conditions, it is not classified as a product distribution in the traditional sense. Understanding these distinctions is crucial for applying the binomial distribution correctly in statistical analysis.