LESSON 14 INCOME DISTRIBUTION 14-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Household Income Activity 1. Rank.

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Presentation transcript:

LESSON 14 INCOME DISTRIBUTION 14-1 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Household Income Activity 1. Rank the household incomes from the lowest to the highest. 2. Determine the aggregate (total) income for the country. 3. Determine the median and the mean income for the country. 4. Divide the households into five equal groups. 5. Determine the aggregate income for each group. 6. Determine the percent of income each group has of the aggregate or total income. (Divide the aggregate income of each group by the overall aggregate income of all households.)

LESSON 14 INCOME DISTRIBUTION 14-2 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Household Distribution of Income Fictitious Country Aggregate (total) household income = Ranking of Household Groups Aggregate Income by Group Percent Distribution of Aggregate Income Lowest Second Third Fourth Highest

LESSON 14 INCOME DISTRIBUTION 14-3 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Mean Household Income (in dollars) Received by Quintiles Year Lowest Quintile Second Quintile Third Quintile Fourth Quintile Highest Quintile ,51228,47545,85264,633114, ,43528,45946,96169,186123, ,20430,70650,71876,468148, ,54333,81556,31187,537189, ,57830,04751,77783,065178,384

LESSON 14 INCOME DISTRIBUTION 14-4 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Share of Aggregate Income Received by Quintiles Year Percent Distribution of Aggregate Income Lowest Quintile Second Quintile Third Quintile Fourth Quintile Highest Quintile Source: U.S. Census Bureau, Statistical Abstract of the United States: 2012 (131st edition) Washington, DC, 2011;

LESSON 14 INCOME DISTRIBUTION 14-5 HIGH SCHOOL ECONOMICS 3 RD EDITION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY Average Earnings of Full-time, Year-round Workers as a Proportion of the Average Earnings of High School Graduates by Educational Attainment: 1975 to 2013 FPO