Chapter 1 How Your Choices Affect Income

Slide 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. o The price for an item is set at a point that consumers are willing to pay and sellers are willing to accept. 1-2 The Economy and Your Education

Slide 3 The Business Cycle 1-2 The Economy and Your Education

Slide 4 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. o Examples: technology, equipment, supplies Living expenses include food, rent, clothing, transportation, and housing. 1-2 The Economy and Your Education

Slide 5 How Will You Pay for Education and Training? Loans and grants o Examples: financial aid, Pell Grants, subsidized student loan Private student loans Scholarships Work-study programs Work and save 1-2 The Economy and Your Education

Slide 6 Focus On... 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.