Bernoulli's principle states that an increase in the speed of a fluid occurs simultaneously with a decrease in pressure. The principle was introduced by Daniel Bernoulli in 1738 and describes the behavior of incompressible, non-viscous fluids. It explains various phenomena like aircraft lift, spoiler function, tennis ball motion, and carburetor/venturi tube operation. The document covers the theory, equation, and various applications of Bernoulli's principle.