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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