as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the concept of 'gini co-efficient'.
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the gini co-efficient is a metric used to measure the inequality of distribution of wealth or income in a given population. it ranges from 0 to 1, with 0 representing perfect equality, and 1 indicating perfect inequality. it is calculated by first dividing a given population into different income groups, and then calculating the area between the lorenz curve and the line of perfect equality. if a population's gini co-efficient is closer to 1, it means that the wealth or income distribution in that population is unequal or skewed.
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