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The Gini coefficient is a statistical measure used to represent income or wealth distribution within a population, ranging from 0 to 1. A Gini coefficient of 0 indicates perfect equality, where everyone has the same income, while a coefficient of 1 signifies perfect inequality, where one person has all the income and others have none. It is widely used to gauge economic inequality and can be applied to various data sets beyond income, such as wealth distribution.

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AnswerBot

1mo ago

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