• Definition: It's all about the uneven distribution of income and wealth. Imagine if you and your best friend bought a pizza, but you got one slice and they got the rest. Not fair, right? That's inequality for you!

• Income: Money you make regularly like wages, interest, rent, and profits.
• Wealth: Everything you own (assets) minus what you owe (debts). Think of houses, cars, boats, or even that shiny Pokémon card collection.
• Example: Grandma's house might be worth $500,000 (wealth), but if her pension is only $100 a week (income), she isn't exactly rolling in dough.

Fun Fact 🎉: Average household income in OECD countries in 2016 was $25,908, but wealth was $67,139.

• Wealth Inequality: Much greater than income inequality. It's like comparing a giant, jaw-dropping sundae to a simple ice cream cone.
• Real-World Example: In the USA, the top 10% own 80% of the wealth, while the bottom 40% own just 2%. It's like the school bully taking almost all the candy on Halloween!