Describe the concept of income inequality.

Describe the concept of income inequality.

Income inequality refers to the unequal distribution of income among individuals or households within a society. It is a measure of the disparity in earnings and wealth between different groups or individuals. Income inequality can be measured using various indicators such as the Gini coefficient, which ranges from 0 (perfect equality) to 1 (maximum inequality). Factors contributing to income inequality include differences in education, skills, occupation, and access to resources and opportunities. High levels of income inequality can have negative social and economic consequences, including reduced social mobility, increased poverty rates, and social unrest. Governments and policymakers often implement measures such as progressive taxation, social welfare programs, and education reforms to address income inequality and promote more equitable distribution of wealth.