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

Slide 2 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

Projected Job Growth Fastest growing occupations Occupations with the most job growth Employment by major industry sector Industries with the fastest growing and most rapidly declining wage and salary employmentIndustries with the fastest growing and most rapidly declining wage and salary employment Civilian labor force participation rate by age, gender, race, and ethnicityCivilian labor force participation rate by age, gender, race, and ethnicity Slide 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

Sample Hourly Earnings May 2014 State Occupational Employment and Wage Estimates MississippiMay 2014 State Occupational Employment and Wage Estimates Mississippi Slide 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 Personal Financial Decisions

Slide 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 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 1-2 Career Planning Source: United States Office of Personnel Management, USAJOBS, (accessed October 16, 2006).

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 1-2 Career Planning Future Business Leaders of America - Phi Beta Lambda, Inc.

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