Final answer:
Inequality commonly refers to the unequal resource distribution impacting people's opportunities due to various forms of discrimination. The Gini Coefficient measures this inequality in financial terms, and the Ladder of Opportunity illustrates the potential impact of these disparities on a child's future economic outcomes.
Step-by-step explanation:
The term inequality often refers to the unequal distribution of resources and opportunities among people stemming from various forms of social segregation and discrimination, such as racism, sexism, classism, and more. This disparity can manifest in multiple areas, including education, healthcare, and wealth. The Gini Coefficient is a statistical measure commonly used to gauge the degree of inequality within a nation's income distribution, with 0 representing total equality and 1 indicating maximum inequality. A critical aspect of inequality is the effect on what is known as the Ladder of Opportunity, where the socioeconomic conditions a child is born into can heavily influence their future prospects, regardless of their inherent talents or efforts. Such economic inequalities can be explored further through educational resources such as videos detailing wealth inequality across the world.