The Global Economy and Your Role in It!

SOL CE: 10d 12abcdThe student will demonstrate knowledge of the U.S. economy by explaining the relationship of Virginia and the U.S. to the global

economy and by identifying the things needed for a successful career.

The Global Economy• The global economy is the worldwide market

in which buying and selling goods and services by all nations takes place.

The Global Economy

• contributes to the global Technology, specifically the internet, flow of information, capital, goods & services, and lowers the cost of production.

The Global Economy• VA and the U.S. produce certain goods

and services to promote efficiency and growth and to increase wealth.

The Reasons Why States and Nations Trade:

1. To obtain goods and services they cannot produce efficiently themselves.

2. To buy goods and services at a lower opportunity cost.

3. To sell goods/services to other countries.

4. To create jobs

Your Future Career in the Global Economy!!

How do you go about selecting a career?

• Career planning starts with self-assessment, which is a test to figure out what you are good at.

• You should have an awareness of your talents, interests, and aspirations to help select a career.

What do employers look for?• Employers will want to employ you if you

demonstrate the attitudes and behaviors of a strong work ethic.

work ethic- principles you follow

when you are on the job

• Therefore, a strong work ethic enhances/ increases your chances of having a successful career.

What else do employers look for?

• Employers will want to employ you if you have kept pace with technological changes and skills.

*Technological advancements also create new jobs in the workplace especially related to computers.

What can improve your chances of making a bunch of money?

• The more educated you are and the more skills you learn and possess, the more money you will probably make.

↑ Education + ↑ Skills = ↑ Income

This relationship is known as a correlation, so remember, the reverse is true as well!!

↓ Education + ↓ Skills = ↓ Income

How does supply and demand effect your career?

• Supply- If fewer people can do your job, your income will increase.

↓ Supply = ↑ Income

• Demand- If there is more need for your job, your income will increase.

↑ Demand = ↑ Income