You don't know what median means?
50% of all incomes are above the median, 50% below.
That's the definition, true. What's the significance?
I don't understand the question.
Significance of
the median?
Here's why it is a useful way of looking at a set of data.
The median describes a statistic...it is designed to help people make sense of large sets of data.
That is its signficance.
If you make the median income, half the workers make more than you do, and half make less.
Seriously, this is confusing you?
Let's take a set of stats.
4, 6, 10, 11, 12, 15, 2000
What is the average of that data set? 2058/7 = 294
What is the median of that data set? 11
See the difference?
That 2000 number wildly throws off the
average thus it might mislead you if you used it to try to understand that data set.
Of course, this (and all)statistical method actually makes a lot more sense when the data set isn't just a few numbers (like my example) but thousands of data points.
There ARE times when finding an average gives you a clearer picture of what's happening than the median does.
Average median and mode are three ways of looking at large data sets.
Each has its place dependeing on the way the data is, and each has its shortcomings, too.
MODE is the most frequent number found in a data set, for example.
If you don't understand at least the basics of statistical analysis, then you really cannot understand MOST of what people debate in social science issues.
What's more if you don't understand at least some statistical methodology, you are set up to be MISLEAD by those who do.