What Is the Gini Coefficient, and What Is It Used

question 30

Essay

What is the Gini coefficient, and what is it used for? What would a Gini coefficient that was close to zero imply about inequality?

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Definitions:

Revocation

The act of withdrawing, cancelling, or repealing a right, offer, contract, or privilege.

Firm Offer

An irrevocable offer made in a commercial context that remains open for a specified period of time, often used in the sale of goods.

UCC

Stands for the Uniform Commercial Code, which is a comprehensive set of laws governing all commercial transactions in the United States.

Electrical Portion

The part of a system or device that pertains to or operates through the use of electricity.