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Chapter 10

Chapter 10. Probability. Gambling ethics. Should you gamble?. There are many ways people gamble … w hether they play the Lotto, bet at the racetrack or buy and sell commodities on the stock market. Should you gamble? Are you guaranteed to benefit? Could you lose out?. What could be the

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Chapter 10

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  1. Chapter 10 Probability

  2. Gambling ethics

  3. Should you gamble? • There are many ways people gamble … • whether they play the Lotto, bet at the racetrack or buy and sell commodities on the stock market. • Should you gamble? • Are you guaranteed to benefit? • Could you lose out? What could be the consequences of gambling?

  4. Theoretical versus experimental

  5. www TOK On the Lotto, should you pick the numbers 1, 2, 3, 4, 5, 6? In the UK, it is reported that over 10,000 people play the Lotto with the numbers 1 to 6 www Every outcome has the same theoretical chance Random events are not affected by what has come before It is believed that the numbers 1 to 6 have never been recorded in a lottery Many people follow systems for picking winning numbers Keep a tally of the numbers that have won the lottery in the past to track numbers

  6. Comparing risk

  7. TOK How big is the risk? A man wants to travel from Egypt to Australia A broker on the stock market wants to buy shares in Apple How do you determine if the risk is worth taking? A child in Africa is very thirsty but the water is to be used for washing and sanitation A woman over the age of 45 wishes to have a baby

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