Gini coefficient: The Gini coefficient is a numerical measure that quantifies income inequality in an economy. It ranges from 0 to 1, with 0 representing perfect equality and 1 representing maximum inequality.
Poverty line: The poverty line is the minimum level of income needed for an individual or household to meet their basic needs. It helps identify those living below the poverty threshold.
Wealth gap: The wealth gap refers to the difference in accumulated assets and net worth between different individuals or groups. It reflects disparities in financial resources beyond just income.