1. Unit 5: Working and Earning
Goal:
Describe the factors that influence an individual’s income.
Brainstorm……

2. Key Ideas Employment provides a means of creating……. personal income
Income is determined by many factors including….
individual skills and abilities, work ethic and market conditions

3. Overview 1. Most people derive their income from ….. employment
Other means include……
government entitlements, annuities (retirement savings) trust fund, stock profits, etc.

4. 2. Income may be determined by…….
skills and abilities that an individual has
Some require intense training
-Technical skills, specialized training
Some require high levels of education
-Levels of degrees: ………
Associate’s, Bachelor’s, Master’s, Doctorate (Ph.D.), Medical (M.D.)

5. Some keys to Income may be innate - define…
(natural; in-born)
- Physical, artistic, intellectual

6. 3. Income may be influenced by an individual’s…
work ethic …..-define…..
Amount of effort one puts into work
Personal motivation
- Could be internal……ex?
Will to succeed
Character
Personal Satisfaction

7. Income could be driven by external incentives (ex’s?..)
Commission, bonuses, promotions, raises
More hours or better attitude may =
higher income
Lack of motivation/work ethic may lead to….
demotion, elimination of job

8. 4. Market conditions can influence an individual’s income Explain? …
Economic, social, cultural and political conditions can all affect incomes
Economic growth or contraction can affect income. Explain - give ex’s -
performance bonuses, wage increases
Political conditions often influence job stability and availability of jobs
Fiscal policy decisions…

9. Jobs that are in high demand, but where the supply of workers with particular skills is limited often offer ……
higher incomes
- Basic concept of supply and demand
Show S + D curves