Chapter 1 Choices That Affect Income Copyright 2007 Thomson South-Western

Changing Job Market Job market refers to jobs available for workers Job skills are things workers can do The job market continues to change 1-1 Personal Financial Decisions Slide 2

Projected Job Growth Employment % Change Occupation 2004 2014 2004-2014 Network systems analysts 231,000 357,000 54.6 Medical assistants 387,000 589,000 52.1 Physician assistants 62,000 93,000 49.6 Computer software engineers 800,000 1,169,000 46.1 Dental hygienists 158,000 226,000 43.3 Database administrators 104,000 144,000 38.2 Physical therapists 155,000 211,000 36.7 Postsecondary teachers 1,628,000 2,153,000 32.2 Employment and recruitment specialists 182,000 237,000 30.5 Preschool and kindergarten teachers 601,000 782,000 30.1 Paralegals and legal assistants 224,000 291,000 29.7 1-1 Personal Financial Decisions Slide 3

Projected Job Growth Employment % Change Occupation 2004 2014 2004-2014 Registered nurses 2,394,000 3,096,000 29.4 Medical records and health information technicians 159,000 205,000 28.9 Emergency medical techs and paramedics 192,000 244,000 27.3 Mental health counselors 96,000 122,000 27.2 Personal financial advisors 158,000 199,000 25.9 Pharmacists 230,000 287,000 24.6 Public relations specialists 188,000 231,000 22.9 Customer service representatives 2,063,000 2,534,000 22.8 Receptionists and information clerks 1,133,000 1,379,000 21.7 Sales managers 337,000 403,000 19.7 Source: U.S. Department of Labor, Bureau of Labor Statistics. 1-1 Personal Financial Decisions Slide 4

Career Choices and Income More skills, training, or education can mean more income The number of jobs in a career area affects income The number of workers competing for jobs affects income 1-1 Personal Financial Decisions Slide 5

Sample Hourly Earnings Occupation Mean Hourly Earnings Architects $32.54 Carpenters $19.27 Computer programmers $29.05 Dentists $38.48 Legal assistants $20.38 Pharmacists $42.69 Photographers $16.60 Registered nurses $26.61 Sales counter clerks $10.46 Teachers, secondary school $32.52 Welders and cutters $16.33 Source: U.S. Department of Labor, Bureau of Labor Statistics. 1-1 Personal Financial Decisions Slide 6

Job Titles and Descriptions A job title is a name given to a particular job Examples: accountant, principal Often indicates main job duties A job description gives job details Tasks and duties performed Skills and education required Location or working conditions 1-1 Personal Financial Decisions Slide 7

1-1 Personal Financial Decisions Slide 8

1-1 Personal Financial Decisions Slide 9

Goals and Values Values show the worth placed on ideas or actions Values influence choices made Goals are plans based on values or desired outcomes This teacher has chosen a career that allows her to help others. 1-1 Personal Financial Decisions Slide 10

Education Choices Education helps prepare workers for jobs Formal education High school classes College and technical school programs Informal education On-the-job training Reading and practicing on your own More education typically means better pay 1-1 Personal Financial Decisions Slide 11

Building Communications Skills Listening Means that information is heard and understood Is an important skill for success at school and work Can be improved with practice 1-1 Personal Financial Decisions Slide 12

Economic Conditions Economist Economy means all the activities related to making and distributing goods and services Economist Is a person who studies the economy Tries to predict what will happen in the future 1-2 Career Planning Slide 13

Economy Affects Prices Supply The quantity of goods and services that producers are willing and able to provide Demand The willingness and ability of consumers to buy products and services When demand exceeds supply, prices may be high 1-2 Career Planning Slide 14

Economy Affects Incomes In a growing economy People buy more goods and services Jobs are being created Finding and keeping a job is easier In a slowing economy People buy fewer goods and services Jobs are decreasing in number Finding and keeping a job is harder 1-2 Career Planning Slide 15

Training and Skills for Job Success Hard skills The ability to perform tasks and procedures Examples: Install plumbing and run medical equipment Soft skills Nontechnical skills needed by most workers Examples: Teamwork skills, communications skills, and problem-solving skills 1-2 Career Planning Slide 16

Education and Training Costs Tuition Textbooks, fees, and other school expenses Living expenses such as rent, food, clothing, and travel 1-2 Career Planning Slide 17

Education and Training Costs Costs vary for different schools and programs Private colleges and universities Public colleges and universities Career and technical schools Graduate and advanced programs 1-2 Career Planning Slide 18

Paying for Education and Training Loans and grants Federal financial aid Private student loans Scholarships Work and save 1-2 Career Planning Slide 19

Technology Corner Job Scouts Are a type of computer program Search the Internet to find job listings Look for jobs using options you select Are also called job agents Source: United States Office of Personnel Management, USAJOBS, https://my.usajobs.opm.gov/modifyagents.asp (accessed October 16, 2006). 1-2 Career Planning Slide 20

Success Skills Teamwork Means working effectively in a group Is important for success in school, work, and personal activities Can provide better results than working alone 1-2 Career Planning Slide 21

Focus on... Student Organizations Are often career-related Provide opportunities to learn about jobs and develop skills Future Business Leaders of America - Phi Beta Lambda, Inc. 1-2 Career Planning Slide 22

Ethics Filling Out Forms Ethics Are a system of moral values that people consider acceptable Require being fair and honest in your dealings with others Be truthful when completing forms to show ethical behavior 1-2 Career Planning Slide 23