Relative values of wealth are often difficult for students to analyze, primarily given our focus on income. Income is the flow of money while wealth is an accumulation of assets. Different generations perceive the concept of “wealthy” differently, but this video includes nonpecuniary aspects like spending time with family or being able to vacations as markers of wealthy. It would be interesting to survey students what they feel is a level of wealth that they would identify as being “wealthy.” I suspect it could also be a good opportunity to talk about the differences between means and medians.
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