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