1. Chapter 1 How Your Choices Affect Income
UNIT 1 Understanding Income: Chapters 1-3
Chapter 1
How Your Choices Affect Income

2. 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

3. What Is the Job Market?
Job market refers to jobs available for workers.
A skill set is the unique skills and abilities you bring to the job market.
Hard skills are technical.
Soft skills are nontechnical.
1-1 Personal Skills and the Job Market
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4. Training and Skills for Job Success
Hard Skills –
Ability to perform tasks or procedures
Ex. 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

5. Learning about Job Requirements
Job title is the name of a job.
Example: Baker
Job description describes what a job would be like.
Includes: education, experience, hours, work site, location
1-1 Personal Skills and the Job Market
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6. What is important to you?
Value
Goal
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
A principle that reflects the worth you place on an idea or action
Ex. Honesty, dependability,
good health
→→→
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7. How Does Education Affect Your Income?
1-1 Personal Skills and the Job Market
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8. EDUCATION Formal education – school, college, trade schools
Informal Education:
On-the-job training-
learning as you work
Self 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!
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9. Building Communications Skills
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
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10. Section 2 What Is the Economy?
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)
The price is determined by what consumers are willing to pay and sellers are willing to accept.
1-2 The Economy and Your Education
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11. When Supply > Demand,
Supply and Demand
Supply
Demand
The willingness and ability of consumers to buy goods and services
When Demand > Supply,
the Price goes UP
The quantity of goods and services that producers are willing and able to provide
When Supply > Demand,
the Price goes DOWN
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12. The Business Cycle
1-2 The Economy and Your Education
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13. When economy is… …growing… …slowing… People buy goods and services
Jobs are created
Businesses are hiring
People buy fewer goods and services
Fewer people are hired; there are layoffs
Businesses are not growing
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14. 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

15. What are the Costs of Education?
Tuition is the expense paid by students for instruction at a school.
Fees are charged to cover special expenses.
Examples: technology, equipment, supplies
Room and Board include housing and food.
1-2 The Economy and Your Education
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16. Types 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
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17. Costs vs. Rewards Consider the Costs of Education vs.
the rewards of career and
amount you will earn
Bachelor’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+)

18. How am I going to pay for Education and Training???
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
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19. 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
Repayment of
loans begins after graduation
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20. Other 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

21. Scholarships- Work and save
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

22. Ethical considerations when applying 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

23. Focus On . . .getting involved now
Student Organizations
Explore careers of interest.
Attend conferences.
Apply for scholarships, grants, financial aid.
Take part in community service activities.
Network and form friendships.
1-2 The Economy and Your Education
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24. Section 3 How Can You Find Job Openings?
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
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25. General Resume Guidelines
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
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26. The Cover Letter
A cover letter introduces you to a prospective employer.
It is short and direct.
First paragraph says why you are writing.
Second paragraph points out qualifications.
Closing paragraph asks for an interview.
1-3 Job Application Skills and Tools
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27. How Do You Make Yourself Stand Out?
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
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28. 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.

29. Success Skills Using Social Networking Sites 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
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