chapter 1 how your choices affect income unit 1 understanding income: chapters 1-3

Chapter 1How Your Choices Affect Income

UNIT 1 Understanding

Income: Chapters 1-3

Chapter 1 Goals

• Discuss job market, how it changes over time, and what you can do to prepare yourself

• Describe how the economy can affect prices and income

• Explain options for higher education and ways to pay for college

• Discuss strategies to find and apply for jobs • Explain how to prepare a resume and successful job

interview strategies

What Is the Job Market?

Slide 3

• Job market refers to jobs available for workers.

• A skill set is the unique skills and abilities you bring to the job market.o Hard skills are technical.o Soft skills are

nontechnical.

1-1 Personal Skills and the Job Market

Training and Skills for Job Success

Hard Skills –Ability to perform tasks

or proceduresEx. Run medical x-ray

equipment, perform surgery, put plumbing in a house, give first aid

Soft Skills –Some are natural abilities, others must be learned through education, life experiences and practice

Ex. Leadership skills, communication skills, ability to work with difficult people, problem-solving, organization

Learning about Job Requirements

Slide 5

1-1 Personal Skills and the Job Market

• Job title is the name of a job.o Example: Baker

• Job description describes what a job would be like. o Includes: education,

experience, hours, work site, location

What is important to you?

ValueValue

• A principle that reflects the worth you place on an idea or action

• Ex. Honesty, dependability, good health

GoGoaall• A desired outcome

based on one’s values for which a plan of action is carried out.

• Ex. Value good health = Goal of eating healthy

• Value nice clothes = Goal of saving money

Slide 6

How Does Education Affect Your Income?

Slide 7

1-1 Personal Skills and the Job Market

EDUCATION

Formal education – school, college, trade schools

Informal Education:On-the-job training-

learning as you workSelf training*- reading and practicing on your

own, i.e. teaching yourself a computer program using tutorials*These skills can be listed on your resume when you are able to perform them well!

Slide 8

Building Communications Skills

Slide 9

Listening (not the same as hearing)• Face and look at the person who is talking.• Focus on what the speaker is saying.• Ignore distractions.• Turn off the phone.• Take notes on the main ideas.• In a conversation, give feedback or nod.• Mentally summarize the main points.

1-1 Personal Skills and the Job Market

Section 2 Section 2 What Is the Economy?What Is the Economy?

Slide 10

• The economy refers to all the activities related to making and distributing goods and services.

• A market economy is based on the law of supply and demand. (U.S)o The price is determined by what

consumers are willing to pay and sellers are willing to accept.

1-2 The Economy and Your Education

Supply and DemandSupply and Demand

Supply• The quantity of goods and

services that producers are willing and able to provide

• When Supply > Demand,the Price goes DOWN

Demand• The willingness and ability

of consumers to buy goods and services

• When Demand > Supply,the Price goes UP

Slide 11

The Business Cycle

Slide 121-2 The Economy and Your Education

When economy is…When economy is…

…growing… People buy goods and

services Jobs are created Businesses are hiring

…slowing… People buy fewer goods and

services Fewer people are hired;

there are layoffs Businesses are not growing

Slide 13

Economy discussion:

• What if supply and demand level off? –

That is called equilibrium and that is a relatively good thing - stabilizing

• Why might it be better to spend in a recession and save in recovery?

• What stimulates the economy?

• See Page 12 in book

What are the Costs of Education?What are the Costs of Education?

Slide 15

• Tuition is the expense paid by students for instruction at a school.

• Fees are charged to cover special expenses.o Examples: technology, equipment,

supplies

• Room and Board include housing and food.

1-2 The Economy and Your Education

Types of College Programs and DegreesTypes of College Programs and Degrees

Career and Technical Schools – Few months to a year or more

Advanced Programs• Associates Degree – 2 years• Bachelor’s Degree – 4 years• Master’s Degree – 1-3 years beyond Bachelor’s• Doctorate – 3-5 years beyond Master’s• May need internship or residency

Slide 16

Costs vs. Rewards Costs vs. Rewards

• Consider the Costs of Education vs. • the rewards of career and • amount you will earnBachelor’s Degree (4 years) = TWICE as much as a

High School Diploma --------------$1,000,000+ over a lifetime!

• (Earn a minimum of $25k more per year X 40 years working = $1 mil+)

How am I going to pay for How am I going to pay for Education and Training???Education and Training???

Slide 18

Loans and grants

Financial Aid – money you receive from outside source to help pay for education

Grant: $ given for education and

do not have to repay Loan: $ borrowed and

have to repay

1-2 The Economy and Your Education

Federal Financial Aid

• FAFSA form: filled out by parents (gaurdians) if under 23; includes parent and student income – must meet deadline!

• Subsidized Student Loan- interest is not charged until after you graduate

• Unsubsidized Student Loan- interest charged from the time loan is made

Slide 19

Repayment of loans begins after graduation

Other Financial AidOther Financial Aid

• Private student loans – Loans from banks or credit unions• *Higher interest rates than Federal loans• *Usually unsubsidized

**Better to go for Federal loans first before Private loans

• Scholarships-• Gift of $ or other aid (free tuition/books)

• Academic• Athletic• SAT Test scores• Financial Need

• Work and save• Work after HS, save for college• Work while attending college

Ethical considerations when Ethical considerations when applying for Financial Aidapplying for Financial Aid

• Ethics – a set of moral values that people consider acceptable

• It is important to be truthful when completing aid forms

• Use N/A is information is not applicable or not available

Focus On . . .getting involved now

Slide 23

Student Organizations

1-2 The Economy and Your Education

• Explore careers of interest.

• Attend conferences.• Apply for scholarships,

grants, financial aid.

• Take part in community service activities.• Network and form friendships.

Section 3 How Can You Find Job Openings?

Slide 24

• Social networks

• Job shadowing

• Cooperative work experience

• Counselors, teachers, placement centers

• Websites of businesses

• Job scout programs

• Employment agencies

1-3 Job Application Skills and Tools

General Resume Guidelines

Slide 25

A resume is a summary of your work experience, education, skills, interests.

• Have a “master resume.”• Tailor each resume to match job opening.• Limit resume to one page.• Keep resume simple and attractive.• List important information on top.• Proofread thoroughly.

1-3 Job Application Skills and Tools

The Cover Letter

Slide 26

A cover letter introduces you to a prospective employer.

1-3 Job Application Skills and Tools

• It is short and direct.• First paragraph says why

you are writing.• Second paragraph points

out qualifications.• Closing paragraph asks

for an interview.

How Do You Make Yourself Stand Out?

Slide 27

• A job application is a form that

asks you basic information about your background.

• A job interview is a face-to-face meeting with a potential employer to discuss a job opening.

• Follow-up is contact with a prospective employer after the interview.

1-3 Job Application Skills and Tools

PREPARE FOR THE INTERVIEW

Rehearse open-ended questions like “tell me about yourself,” or “why did you pick us?” Practice.

Arrive on time, or even 10 minutes early. Dress as if you have the job already.

Appear self-confident and relaxed. Do not show tension or stress.

Think before you speak. Speak slowly and clearly. Use good grammar and avoid slang.

Do research on the company so you can speak intelligently about it and ask meaningful questions.

Success Skills

Slide 29

Advantages include:• Wide-range of sources for job

information• Rapid response to job openings, up to

the minute

BE CAREFUL:• Don’t post anything that could lead

others to think poorly of you.• Don’t complain about your job, brag,

criticize or swear

Using Social Networking Sites