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

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
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3. Projected Job Growth Employment % Change Occupation 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
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4. Projected Job Growth Employment % Change Occupation 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
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5. 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
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6. 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
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7. 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
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8. 1-1 Personal Financial Decisions
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9. 1-1 Personal Financial Decisions
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10. 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
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11. 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
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12. 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
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13. 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
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14. 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
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15. 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
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16. 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
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17. Education and Training Costs
Tuition
Textbooks, fees, and other school expenses
Living expenses such as rent, food, clothing, and travel
1-2 Career Planning
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18. 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
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19. Paying for Education and Training
Loans and grants
Federal financial aid
Private student loans
Scholarships
Work and save
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20. 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, (accessed October 16, 2006).
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21. 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
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22. 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
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23. 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
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