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Genetic drift is a change in gene frequency within a population due to chance instead of natural selection. If the population is small, then there can be considerable genetic drift, which can change the gene frequency quite drastically. Think of the genetic variation of a population as a bowl of jelly beans with all sorts of colors, representing healthy genetic variation.
Genetic drift reduces genetic variability of a population by decreasing the size of the population. The change in population size and variability often leads to new species and unique populations.