How do we measure a nations wealth? Key questions: When is “average” not the same as “typical”? What is PPP? (see below) Can wealth data be trusted

How do we measure a nations wealth? - Starter Are you Mr or Ms ‘Average’? Are you a ‘typical’ teenager? When is “average” not the same as “typical”? If you added up the height of everyone in your class and then divided it by the number of students in your class you’d know the average height of students in your class. If the whole class stood in a line - What would be the typical height of students in your class? Would they be the same? You will receive Monopoly money Ask around, who got all the money, who’s not? [Hint: one of you is a billionaire, there are a few millionaires and the rest of you are paupers!] What is the average level of classroom wealth? What is the most typical level of classroom wealth? Why are the two answers not the same?

How do we measure a nations wealth? - Main activity Let spend some of our money and go shopping around the world! But how much do things cost in other countries? Do How much is that as a class. You will see items for sale in a number of different countries. Guess how much they are before seeing the answer. Read Teachers Notes Look at the GDP vs PPP for ten countries In groups rank the two lists. Can you explain why they are not the same? In your groups you have a target to come up with of 3 reasons why the data may not be fully trustworthy. Do you think there also regional or city-wide differences in wealth levels?  Are  mathematical averages “trustworthy”?

How do we measure a nations wealth? - Plenary It’s time now to life the billionaire lifestyle with a jet-set holiday. Your American billionaire uncle has given you £500 dollars spending money (very generous!) for a holiday to a European destination of your choice AND somewhere in Asia (not Japan; you went there last year). Being a billionaire he’s already paid for your travel and accommodation. Use the internet to (1) work out how long £500 would last you in your two chosen countries and (2) where they would look for trustworthy data to help you at the planning stage of your holiday. Think about currency conversion, how much you’ll need to spend per day, cost of things you need for daily life in your countries. A list of Big Mac prices in different countries is available for you to get an idea of the cost of living in various countries. If you are not in a computer room agree the list of items that people will buy and set as h/w.