Explain the concept of economic inequality.

Explain the concept of economic inequality.

Economic inequality refers to the unequal distribution of wealth, income, and resources among individuals or groups within a society or across different countries. It is a measure of the disparities in economic well-being and opportunities that exist between different segments of the population. Economic inequality can be measured using various indicators such as the Gini coefficient, which quantifies income or wealth distribution on a scale from 0 to 1, with 0 representing perfect equality and 1 representing extreme inequality. Factors contributing to economic inequality include differences in education, skills, access to resources, social and economic policies, and systemic factors such as discrimination and unequal power dynamics. Economic inequality can have significant social, political, and economic implications, including reduced social mobility, increased poverty rates, social unrest, and slower economic growth.