Gini coefficient

Definition

The Gini coefficient is a measure of income inequality within a population. It ranges from 0 to 1, where 0 represents perfect equality and 1 represents extreme inequality.

Related terms

Poverty line: The poverty line is the minimum income level needed to meet basic needs.

Income distribution: Income distribution refers to how income is divided among individuals or households in a society.

Wealth gap: The wealth gap measures the disparity in assets and net worth between different segments of society.