11/1 Wealth Distribution, Calculator Practice, & the 5 Number Summary

Wealth Distribution,

Calculator Practice, & 

The 5 Number Summary

​Today we will:

• Use graphing calculators to ​calculate "mean" and "median"

• Determine which is most appropriate to describe the data.

• Interpret and create box-and-whiskers plots

On your classwork, you will take notes corresponding to the slides as we go through the lesson.

​Wealth Distribution

• ​A country’s wealth distribution describes how much wealth is owned by different segments of the population.

• The typical impression of wealth distribution in the United States is different than the actual distribution.

​

In the United States, the richest 1% controls 40% of all the wealth. The bottom 80% control only 7% of the wealth.

Imagine three countries:

A, B, and C

​

Each country has ten people, and everyone’s wealth is listed from least to greatest (in thousands of dollars).

​

If you were randomly born in one country, which would you choose and why?​

​Some things to consider...

​What is the gap in $$ between the richest and poorest person in each country?

​

Which Country has the most evenly distributed $$$?

​

Which country is the most likely to give me a generally comfortable quality of life?

​

What are my chances of becoming incredibly rich in each country?

​

​

​

Multiple Choice

Which country has the most evenly distributed $$$?

• A

• B

• C

Multiple Choice

Which country is the most likely to give me a generally comfortable quality of life?

• A

• B

• C

Multiple Choice

In which country am I most likely to be born rich?

• A

• B

• C

Mean & Median

​

• ​The "mean" is the average value in a numerical data set.

• The "median" is the value that splits a numerical data set in half.

​

​Calculate the mean and median for country A.

​

​

Calculating by hand

​STEP 1 - Enter the data set

​STEP 2 - Calculating the Mean & 5 Number Summary

​When you arrive at the last screen, raise your calculator in the air!

​​STEP 2 - Calculating the Mean & 5 Number Summary

​When you arrive at the last screen, raise your calculator in the air!

​Reading the 5 Number Summary

For each country, does the mean or the median better represent the 'typical' person?​

Poll

Country A

Does the mean or the median better represent the 'typical' person?​

• Mean

• Median

Poll

Country B

Does the mean or the median better represent the 'typical' person?​

• Mean

• Median

Poll

Country C

Does the mean or the median better represent the 'typical' person?​

• Mean

• Median

​A "distribution" is...

​​the way in which something is shared out among a group or spread over an area

​

​

A "skewed" distribution is...

biased or distorted in a way that is regarded as inaccurate, unfair, or misleading.

​

Multiple Select

How is the wealth distribution skewed in our data set?

(more than one answer)

• Positive

• Negative

• Left

• Right

​Video - Wealth Inequality

Key Takeaways

​

​-​Data can tell a different story depending on how it is represented and summarized

​

​-Perfect equality means that all groups have the same amount of wealth.

​

​-Perfect inequality means that one group (or really, one person) controls all of the wealth.

​

-Income refers to how much someone earns. Wealth refers to how much – assets, income, etc. – someone has.

Homework

​

​Kami

11/1 Homework

​

Edpuzzles

​-Interpreting Boxplots Practice due 11/3 @ 9pm

-Interpreting the 5 Number Summary due 11/3 @9pm

​

​Lesson 1 & 2 Key Takeaways

• ​center, spread, symmetry

• ​The percentages of all five groups must add up to 100%.

• • Income refers to how much someone earns. Wealth refers to how much – assets, income, etc. – someone has.