When and how is mathematics an appropriate tool to use in problem-solving?
How can data plots (dot plots, histograms, and box plots) be used in businesses to make sound financial decisions??
How can mathematical representations be used to communicate information effectively?
What do the mean and standard deviation and the resulting normal curve tell us about a business’ income and expenses? What statistical conclusions do these representations provide with respect to business finances?
What characteristics of problems would determine how to model the situation and develop a problem-solving strategy?
Which statistical measures (median, mean, interquartile range, standard deviation) and statistical displays (dot plots, histograms, box plots, normal curves) accurately reflect the financial condition of a market or business?
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Send Feedback to MSDE’s Mathematics Team
Send Feedback to MSDE’s Mathematics Team
Lesson seeds are ideas that can be used to build a lesson aligned to the CCSS. Lesson seeds are not meant to be all-inclusive, nor are they substitutes for instruction. When developing lessons from these seeds, teachers must consider the needs of all learners. It is also important to build checkpoints into the lessons where appropriate formative assessment will inform a teachers instructional pacing and delivery.
Lesson Topic: Building career-ready students by helping them to make informed, financially responsible decisions using statistical analysis.
Focus Standards (Listed as Examples of Opportunities for In-Depth Focus in the PARCC Content Framework document):
Key Mathematical Practices:
Possible Student Outcomes:
Maryland College and Career Ready Standards – Algebra I
Personal Financial Literacy Standards
Evidence of Student Learning(Method for determining student readiness for the lesson):
The Partnership for Assessment of Readiness for College and Careers (PARCC) has awarded the Dana Center a grant to develop the information for this component. This information will be provided at a later date. The Dana Center, located at the University of Texas in Austin, encourages high academic standards in mathematics by working in partnership with local, state, and national education entities. Educators at the Center collaborate with their partners to help school systems nurture students' intellectual passions. The Center advocates for every student leaving school prepared for success in postsecondary education and in the contemporary workplace.
The Warm-up included in this lesson provides a means of determining which students possess the prior knowledge needed to be ready for this lesson.
Across-Grade Coherence: Content Knowledge from Earlier Grades
In Grade 7, the students learned how to use random sampling to draw inferences about a population. They used data to produce and support valid inferences (7.SP.A.1). They calculated, compared, and applied measures of center (mean and median) and spread (range, mean absolute deviation) for the purpose of drawing informal comparative inferences (7.SP.A.2, 7.SP.B.3, 7.SP.B.4).
Within-Grade Coherence: Content from Other Standards in the Same Grade that Provide Reinforcement
This lesson assumes the students know how to calculate statistical summaries (i.e. mean, median, quartiles, standard deviation). This lesson applies that knowledge to a financial literacy context. The students will represent financial situations with data plots (HSS.ID.A.1) and analyze patterns of data to make financial decisions (HSS.ID.A.2, HSS.ID.A.3).
Represent financial data with plots on the real number line (dot plots, histograms, and box plots).
Use statistics appropriate to the shape of the data distribution to compare center (median, mean) and spread (interquartile range, standard deviation) to evaluate and apply financial knowledge, attitudes, and skills of markets and companies.
Construct normal distribution curves to model the center and variability of data sets to analyze economic stability of different markets.
Interpret differences in shape, center, and spread in the context of the data sets in order to evaluate patterns of behavior regarding financial decisions, and predict how they impact the achievement of financial goals.
Use statistical measures and statistical plots to evaluate the financial choices that are made based on available resources, needs, and wants for goods and services.