Explain the concept of economic inequality. Explain the various methods of measuring economic inequality.

Economic Inequality:

Economic inequality refers to the disparities in income and wealth among individuals or groups within a society. It's a broad concept that encompasses differences in assets, earnings, opportunities, access to education, healthcare, and other basic services. The origins of economic inequality can be diverse, including differences in effort, talent, education, inheritance, discrimination, and even luck. However, systemic factors such as policies, societal structures, and power dynamics play a crucial role in perpetuating or reducing economic inequality.

Methods of Measuring Economic Inequality:

1. Lorenz Curve:

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