Statistics/ diagrams in Economy

Objective:

Students develop the methodical analysis of statistics and diagrams in an economic context. They learn to evaluate data in a structured way, recognize economic relationships and derive their own interpretations and forecasts.

Content and methods:

The worksheet provides a systematic approach to analyzing economic statistics and diagrams. It contains structured tasks for describing, analyzing and interpreting data and for developing recommendations for action. The worksheet can be used flexibly and can be adapted for different economic statistics.

Skills:

Critical evaluation of data and diagrams

Recognizing and interpreting economic developments

Argumentative discussion of statistical findings

Development of forecasts and recommendations for action

Target group and level:

From grade 9 onwards

78 other teachers use this template

Target group and level

From grade 9 onwards

Subjects

Economics

Preview

Statistics/ diagrams in Economy

1. **Guiding Question:** How was wealth, GDP, and population distributed globally by region in the year 2000, and what implications can be drawn from this distribution?

2. **Description of the Subject:** The diagram shows the distribution of wealth, GDP, and population across different regions of the world for the year 2000.

3. **Source of the Diagram:** The specific source is not provided in the image.

4. **Place, Time, and Data Origin:** The place is the entire world, focusing on various regions. The time is the year 2000. The data origin isn't specified, but it looks like it could come from an economic analysis report or global financial institution.

5. **Presentation Form of the Diagram:** The diagram is a bar chart, which allows for a visual comparison across multiple categories.

6. **Description of Year, Labels, and Structure:** The year mentioned is 2000. The x-axis denotes regions (USA/Canada, Central/South America, Europe, Africa, Middle East, Asia, Other), and the y-axis represents percentages.

7. **Legend Description:** The colors correspond to different data points: red for population percentage, green for net worth (PPP), light green for net worth (exchange rates), dark blue for GDP (PPP), and light blue for GDP (exchange rates).

8. **Type of Statement:** The diagram primarily offers a comparative analysis across regions. An anomaly is Asia's high population percentage compared to its net worth and GDP contributions.

9. **Summary of Core Statements:**
- Asia has a significant portion of the world population (over 50%) but a lower percentage of wealth and GDP.
- The USA and Canada have a disproportionate amount of wealth relative to their population.
- Europe is similarly affluent with higher GDP and wealth percentages than population percentage.
- Africa and the Middle East have lower contributions to global wealth and GDP compared to their population sizes.

10. **Economic Context:** The disparities shown reflect economic inequalities and diverse development stages globally, affecting international economic policy and investment strategies.

11. **Evaluation of Statistical Data:** The diagram simplifies complex economic realities but effectively highlights significant discrepancies. The data accuracy isn't verifiable from the diagram itself, and context regarding how "net worth" and "GDP" were calculated or adjusted is missing.

12. **Future Development Predictions:** Without substantial changes, trends might continue. Globalization, technological advancements, and policy changes could alter GDP and wealth distribution. Factors like political stability, investment in technology, and education might drive these changes.

13. **Recommendations for Economic Actors:**
- **Politicians:** Promote policies for equitable growth and development to bridge economic gaps.
- **Entrepreneurs/Investors:** Consider growth opportunities in underrepresented regions with high potential.
- **Consumers:** Support sustainable and fair trade practices.
- **Global Institutions:** Encourage cooperative efforts aimed at balancing global economic disparities.

World distribution of wealth, GDP, and population by region in the year 2000

First impression

To analyze a statistic or diagram, you should first record your first impression. This will help you with your further analysis.

Task

Record your first impression in the cloud. What is the first thing you notice? Are there any obvious trends or special features? Does looking at the statistics or diagram for the first time trigger a feeling in you?

Description

The next step is to describe the statistic or diagram in detail.

True or false? Put a cross in the box.

Analysis

Now take a close look at the data and put it into an economic context.

Interpretation

What could the data mean for the future? Here you make assumptions about potential future developments and develop corresponding recommendations for action.

Solution

Here is the solution for the description table.

Source

The data originates from the Federal Agency for Civic Education, based on calculations from the Socio-Economic Panel (SOEP) at DIW Berlin.

Time/Period

The data covers the years 2002 and 2007, specifically for Germany.

Type of Chart

The chart is a stacked bar chart, which displays the percentage distribution of individual net wealth among the adult population in Germany, divided into deciles.

Components of the Chart and Units of Measurement

The x-axis represents the population divided into deciles (tenths). The y-axis shows the percentage share of the total wealth. The chart uses color-coded bars to differentiate between the years 2002 (light blue) and 2007 (dark green).

Data Description

The diagram indicates a comparison of wealth distribution between 2002 and 2007. It shows that the top decile's share of the total wealth increased from 57.9% in 2002 to 61.1% in 2007, while the lower deciles have almost no net wealth. The data highlights an increase in wealth concentration within the richest decile over the given period.