Gini Index

Definition

The Gini Index is used to measure income inequality within a society. It calculates the distribution of wealth or income among the population, with higher values indicating greater inequality.

Related terms

Poverty Line: This term refers to the minimum level of income needed for basic necessities, such as food and shelter.

Lorenz Curve: A graphical representation that shows the actual distribution of wealth or income compared to an equal distribution.

Wealth Gap: This term describes the difference in assets and net worth between different segments of society.