The Lorenz Curve is a graphical representation used to illustrate income or wealth distribution within a population. It plots the cumulative percentage of total income received by the bottom x% of the population. The curve helps visualize economic inequality, with a perfectly equal distribution represented by a 45-degree line, known as the line of equality. When the Lorenz Curve bows away from the line of equality, it indicates greater inequality. The area between the Lorenz Curve and the line of equality can be used to calculate the Gini Coefficient, a numerical measure of inequality, where 0 represents perfect equality and 1 represents maximum inequality.