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?

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Which Country has the most evenly distributed $$$?

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

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

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​

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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

Fill in the Blank

Calculate the mean wealth for country B.

Fill in the Blank

Calculate the median wealth for country B.

Fill in the Blank

Calculate the mean wealth for country C.

Fill in the Blank

Calculate the median wealth for country C.

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

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

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

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-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.