Gini Coefficient

Definition

The Gini coefficient is a measure of income inequality within a population. It ranges from 0 (perfect equality) to 1 (maximum inequality), with higher values indicating greater income disparities.

Related terms

Poverty Line: A threshold set by governments or organizations to define the minimum level of income deemed necessary for basic living needs.

Human Development Index (HDI):

A composite index measuring average achievement in three key dimensions of human development - health, education, and standard of living.

Wealth Gap: Refers to the unequal distribution of assets or wealth within a society.