Final answer:
The IHDI reflects a nation's development based on a decent standard of living, access to knowledge, and a long and healthy life. It does not, however, take into account gender inequality which is instead the focus of the Gender Development Index (GDI).
Step-by-step explanation:
The Inequality-adjusted Human Development Index (IHDI) is a modified version of the Human Development Index (HDI) that takes into account the level of inequality within a country. The standard factors involved in calculating the IHDI include a decent standard of living, access to knowledge, and a long and healthy life. The IHDI modifies the HDI by considering inequalities in these three dimensions, therefore reflecting a nation's development more accurately by taking inequality into the account. However, the IHDI does not specifically factor in gender inequality as this is the focus of a different measure known as the Gender Development Index (GDI), which adjusts the HDI variables to account for disparities between males and females.