lesson 7- inequality in and between countries

Question 1

what is the lorenz curve

Answer 1

amount of people vs amount of total income
-line of equal wealth, amount of people= proportion of income, e.g. 50% of people get 50% of all income etc
inequality is how far away from the line of equal wealth a country is, or how bent the line in

Question 2

what is the gini coefficient

Answer 2

measure of income inequality
between 0 and 1- the higher the number, the more inequality