2.  How much people want to purchase of a good given its price  Law of demand= as price goes down, quantity demanded goes up

3.  How many goods are available for purchase at a given price  Law of supply: as price goes up, more goods will be supplied

5.  Equilibrium- The price and quantity at which supply and demand are equal  Shortage- when demand is greater than supply  Surplus- when supply is greater than demand

6.  www.youtube.com/watch?v=Ng3XHPdex NM www.youtube.com/watch?v=Ng3XHPdex NM

7. IN SUPPLYIN DEMAND  Productivity  Technology  Subsidies  Weather  Taxes  Changes in taste and preference  Changes in income  Changes in expectations  Changes in the prices of related goods  Population size and composition

10.  According to the law of supply and demand, what causes prices to rise? What causes prices to fall? Think about this concept related to the supply of workers in an economy. What is the “price” for a worker? What will happen if there is a shortage of workers? What will happen if there is a surplus of workers?

11.  A. Air Transportation  B. Real Estate  C. Detective and Protective Services  D. Legal Services  E. Advertising  F. Optometry  G. Construction  H. Colleges and Universities  J. Trucking  K. Banking  L. Dentistry  M. Accounting, Auditing & Bookkeeping  N. Plumbing and Heating  O. Electrical Repair

13.  Money received for work or investments  Investment- expense of money with the expectation of getting a profit later

14.  Society needs it  There is a short supply or large demand  It is more difficult to get the necessary skills

15.  the level of education, training, and experience that is required to do a particular job  the level of demand that exists for the type of labor you are skilled/trained/educated to provide  the number of others who have similar or better skills who can compete for the job  how good you are at what you do  how long you have been working — your experience, your seniority  your work habits, reliability  the state of the economy

16.  High School Diploma- $1.3 million  Some college- $1.55 million  Bachelor’s Degree- $2.27 million  Master’s Degree- $2.67 million  Doctoral Degree- $3.25 million  Professional Degree- $3.65 million  Average lifetime earnings

17. Source: www.bls.gov: Employment statistics of the civilian population 25 years and over by educational attainment.www.bls.gov

18. “Someone who couldn’t complete high school probably finds it difficult to complete any task.” “High school can be hard work. A high school dropout is probably scared of a little hard work.” “A high school dropout didn’t learn some things that are needed to be good at this job!” “How bright can a high school dropout be?”

19. Difficult Comfortable Easy Difficult Comfortable Difficult Comfortable Difficult Easy Comfortable Difficult Easy Comfortable Difficult What actions can you take to improve your ability and skill in areas you find difficult? What is your plan of action, your timeline, for improvement?

20. H.S. Dropout H.S. Diploma Associate’s Degree Bachelor’s Degree Advanced Degree Annual Income $19,226$28,950$36,395$51,568$67,073 Calculate the difference in salary between:  A high school dropout and a high school graduate.  A high school graduate and a graduate from a two- year college program (associate’s degree).  A two-year college graduate and a four-year college graduate (bachelor’s degree).  A four year college graduate and an individual with an advanced degree (master’s or doctorate).

21. H.S. Dropout H.S. Diploma Associate’s Degree Bachelor’s Degree Advanced Degree Annual Income $19,226$28,950$36,395$51,568$67,073 Years Worked Life Earnings A.The high school dropout begins full-time work at age 16. B.The high school graduate begins full-time work at age 18. C.The graduate of the two-year college begins full-time work at age 20. D.The graduate of the four-year college begins full-time work at age 22. E.The graduate with a master’s degree begins full-time work at age 24.

22.  summarize what you have learned about careers and income.  Using the internet find 3 occupations that you are interested in and describe the yearly income, experience and schooling needed for each job. (SITE SOURCES)  Conclude with your educational goals and how they will influence your income.  MUST BE TYPED AND BE AT LEAST TWO PAGES IN LENGTH DOUBLE SPACED.

23.  Imagine for a while that the world has to start all over. Nothing exists but water, land, trees, animals, and fifty people whose ages range from 10 to 50.  Trying to restart the world, your group of 50 has put you in charge of selecting the seven most necessary occupations.  No training is necessary, List the seven occupations and the reasons why you would select them.

25.  A person who organizes, manages, and assumes the risks of a business or enterprise.

26.  RISKS No guarantees No regular paycheck No boss Long hours Assume debt of business  REWARDS Be your own boss Keep profits Control Satisfaction Pursue talent and creativity

27.  Willing to take risks  A person who creates a business from scratch.  Self employed  Strong sense of discipline  Be your own boss  Beat the competition

28.  Walt Disney

29.  Oprah Winfrey

30.  Donald Trump

32.  Your name  Contact Information- definitely email and phone, address is optional

33.  Objective- what you hope to accomplish with your job search  Prior Experience- List the title, when you worked there, and specific accomplishments while there

34.  Education- list where you went to school, during what years, and the degree you earned (or anticipated graduation date)  Skills/Accomplishments- any other bragging rights that might help you with the job you are applying for

35.  Should look professional  Put dates in chronological order  Can have heading, but should not have borders  Simple, easy-to-read font  Text should not be too large or too small  Use normal size paper in a neutral color

36.  Write and Type a Resume as though you were applying for one of the three jobs you chose.  MUST BE TYPED  DUE OCT 1

38.  Wages (a fixed regular payment by an employer to an employee) and Salaries/Allowances  Investment Income  Self-employment  Inheritance  Gifts  Awards  Lottery!

39.  Employee benefits – The additional services offered and paid in part by employers. Ex. Insurance- a guarantee of compensation for loss or damage.

40.  Paid Vacation Holidays (Personal Leave)  Paid Sick Days (Sick Leave)  Health Insurance  Disability Income Insurance  Life Insurance  Dental/Vision Insurance  Profit Sharing

41.  Payroll Savings Plan  Stock Option Purchase  Registered Pension Plan- payment made during retirement  Retirement (leaving a job)  Tuition Reimbursement  Travel Expenses  Spouse Benefits  Access to Financial Advice

42.  Consumer Prices  Consumer Spending  Interest Rates

43. The average cost of the necessities of life in a given area

44.  Geographic area Coastal areas tend to be more expensive than inland  Proximity to needs (water, food, fuel) The farther away from goods and services, the more they cost  How many people live in an area Urban areas tend to be more expensive than rural areas

46. Taxes are required contributions to state revenue, levied by the government on personal income and business profits or added to the cost of some goods, services, and transactions.

48. Cooking Oil, Foreigners, Slaves (Ancient Egypt) Sales, Inheritance, Imports, Exports (Ancient Rome) Beards, Beehives, Boots, Souls (Russia, 1702) Bachelors (England, 1695; Missouri, 1820)

49.  Property tax  Sales tax  Gasoline tax  Local/City taxes

50. National Defense State and Local Police Financial Aid Health Care for Elderly Public Education Social Services

51. Excise, Customs, Estate, Gift, and Miscellaneous Taxes 7% Personal Income Taxes 43% Social Security, Medicare, and Unemployment and other Retirement Taxes 35% Corporate Income Taxes 7% Borrowing to Cover Deficit 8%

52. Law Enforcement and General Government 3% Social Security, Medicare, and other Retirement 38% National Defense, Veterans, and Foreign Affairs 20% Social Programs 21% Physical, Human, and Community Development 10% Net Interest on the Debt 8%

53.  Bridges  Road maintenance  Research  Education  Armed services, national defense, veterans, and foreign affairs  Retirement income for elderly  Social programs  Physical, human, and community development  Law enforcement  Interest on the national debt

54. The Social Security tax is also called the FICA tax. (Federal Insurance Contributions Act) Social Security taxes provide the following benefits for employees and their dependents: retirement benefits benefits for the dependents of retired workers benefits for the disabled and their dependents

55.  The Medicare tax is used to provide medical benefits for certain individuals when they reach age 65. Workers, retired workers, and the spouses of workers and retired workers are eligible to receive Medicare benefits upon reaching age 65.

56. Each person is responsible for filing a tax return.

57. Tax Evasion: Failure to pay legally due taxes Tax Avoidance: Legal means of decreasing your tax bill

58. Information on taxpayer returns is private Taxpayers have the right to appeal an IRS decision

59. Al Capone

61.  Gross income is the total amount a worker is paid before any required or voluntary deductions are made.  Net income, also called “take home pay,” is the amount a person receives when he cashes or deposits his check. It is the remaining amount after deductions are made.

62. Gross Income - Deductions Net Income

63.  By law, employers must pay taxes deducted from employee paychecks. The most common taxes are federal and state, and sometimes cities have their own local taxes. In addition, employees have to pay a Social Security Tax (FICA), and Medicare tax contribution with each paycheck.

64.  Health Insurance  Retirement Savings  Union Dues  Charitable Contributions

65.  Figure the sales tax in the following scenarios. On a piece of scratch paper, write your answers AND explain why it is critical to include tax when planning your budget and spending. If a CD costs $15.00 and the tax is 7.5%, what is the final cost?

66. You and your friends receive a lunch bill for $22.50 before tax is included. The tax in your state is 8%. What is the total cost when the tax is included?

67. Which would cost more…a pair of earrings priced at $28.00 with a 7% tax, or a set of posters at $29.00 with a 5.5% tax?

68. The class trip is going to cost each of the fifty students $130.00. If tax is 5%, what is the total cost for the entire class?

69.  Federal Tax W-4 I-9 W-2 1040EZ Utah State Tax Form –TC-40

71.  You use W-4 Employee's Withholding Allowance Certificate Form to establish your withholding allowances for Federal income taxes.

72.  Line 5 is where you write your withholding allowances.  Usually a number between 0 and 7. Higher # = less $ withheld Lower # = more $ withheld Less chance of tax return. Greater chance of tax return.

73.  An I-9 Form is the Employment Eligibility Verification Form required by the Immigration and Naturalization Services (INS) to verify your identity and your eligibility to work.  All employees must complete this form and provide valid original identifications.  You are not eligible for pay until Payroll Services receives a satisfactory I-9.

75.  Form W-2 reflects all taxable wages you received during the calendar year and all taxes withheld from those wages.  The form serves as an annual report that enables you to file your personal income tax return with the Internal Revenue Service.

76. Similar to the 1040 income tax form, 1040EZ is a faster and easier way to file your taxes. This form is only eligible for people with income less than $50,000 and interest income of $400 or less.

79.  7.65% for the first $113,700 of wages  1.45% for wages about that  How much would you pay in FICA taxes if you made $67,000?  How much would you pay in FICA taxes if you made $125,000?

80.  $67,000 (.0765)= $5,125.25  $113,700 (.0765)= $8698.05  $11,300 (.0145)= $163.85  $8698.05+$163.85=$8861.90

81. 1. Determine gross income 2. Determine the number of exemptions and deductions 3. Find the net income 4. Discover which tax brackets are covered 5. Determine how much is taxed at each level (bracket) and add together for total

82.  Only taxed on the “net” amount.  Gross is what they pay you, net is the gross pay minus exemptions and deductions.  Exemption: $3,900 per person  Standard deductions $6,100 (single), $8,950 (head of household), $12,200 (married filing jointly)

83. 1. Phil gets paid $85,000 a year at his job. 2. Amanda makes $10/hour, works 40 hours a week, 52 weeks of the year. 3. Jesse gets $62,500 annually from job and then also makes $1500 on interest from a savings account.

84.  What is the net (taxable) income of a single person who makes $26,600 and takes the standard deduction and one exemption?  $26,600-$6,100-$3,900=$16,600

85.  What is the net taxable income of someone who makes $52,600 annually and takes the standard deduction and one exemption?

86.  What is the net taxable income of a person who makes $74,000 annually, taking the standard decuction, is head of household and taking exemptions for himself and his three children?

88.  Zeke makes $54,000 a year. He is single and wants to take the standard deduction and one exemption. How much will he be taxed?

89. 1. Find the net income: $54,000-$6,100- $3,900= $44,000 2. Find the tax bracket(s) he falls under: 10%, 15%, 25% 3. Find out how much is taxed at each level: First $8,925 @ 10%= $892.50 Next ($36,250-$8,925) @ 15%= $4,098.75 Last ($44,000-$36,250) @ 25%= $1,937.50 4. Why do we subtract? Because the money we subtract has already been taxed at a lower rate. 5. Total $892.50+$4,098.75+$1,937.50=$6,928.75

90.  Alice makes $90,500 annually, is head of household, and has two children. She wants exemptions for herself and her children and plans to take a deduction of $10,500. How much will she be taxed?