The Economy and You! Copy words in Green

Money Management  Earned Income The pay people receive for their work The pay people receive for their work  Disposable Income Amount of money left after taxes have been paid Amount of money left after taxes have been paid  Fringe Benefits Medical, dental, sick leave, paid vacation Medical, dental, sick leave, paid vacation  Other Income Stocks, personal property, gifts Stocks, personal property, gifts

Financial Choices  Goals and Values Trade-offs Trade-offs Decision Making Decision Making Disposable Income Disposable Income  Making a budget Spend and Save Spend and Save Fixed Expenses: paid regularly Fixed Expenses: paid regularly Variable Expenses: change month to month Variable Expenses: change month to month

Spending and Saving  Values and Pressures  Choosing what to buy: 5 Factors Price Price Quality Quality Features Features Warranties and Service Warranties and Service Sales/Discounts Sales/Discounts  Consumer Credit

Making Decisions  Liquidity The ability to turn savings into cash The ability to turn savings into cash  Income Time Deposits Time Deposits Stocks and Bonds Stocks and Bonds Real Estate Real Estate Interest on accounts Interest on accounts  Safety

Careers  The Changing Economy  Evaluating Yourself  Goals and Values  Career Research  Understanding Employers’ Expectations

Labor in Our Economy  Labor force: total number of people 16yrs or older, willing and able to work  Current Unemployment rate National: 8.1% of the workforce National: 8.1% of the workforce AZ: 8.7% of the workforce AZ: 8.7% of the workforce

Today’s Labor Force  Less than 3% of workers are farmers  More women in the work force than ever before  Service-oriented jobs are more important than manufacturing jobs  The U.S. has made a steady shift from an industrial to a service-oriented economy

Types of Work  Three Sectors Farming: largest sector in the 1800’s and early 1900’s Farming: largest sector in the 1800’s and early 1900’s Manufacturing/Construction: largest sector after 1920 until modern time Manufacturing/Construction: largest sector after 1920 until modern time Service Industries: now the largest sector; accounts for 2/3 of the nation’s economic activity Service Industries: now the largest sector; accounts for 2/3 of the nation’s economic activity

Skill Level  Unskilled Jobs: requires little or no training to perform the job Digging ditches, bussing tables, store clerk Digging ditches, bussing tables, store clerk  Semiskilled Jobs: some training necessary Assembly line worker, construction work Assembly line worker, construction work  Skilled Jobs: extensive training and experience needed Carpenter, electrician, aviation mechanic Carpenter, electrician, aviation mechanic  Professionals: college degrees, as well as one or more years of training