Chapter 1 How Your Choices Affect Income UNIT 1 Understanding Income: Chapters 1-3 Chapter 1 How Your Choices Affect Income

Chapter 1 Goals Discuss job market, how it changes over time, and what you can do to prepare yourself Describe how the economy can affect prices and income Explain options for higher education and ways to pay for college Discuss strategies to find and apply for jobs Explain how to prepare a resume and successful job interview strategies

What Is the Job Market? Job market refers to jobs available for workers. A skill set is the unique skills and abilities you bring to the job market. Hard skills are technical. Soft skills are nontechnical. 1-1 Personal Skills and the Job Market Slide 3

Training and Skills for Job Success Hard Skills – Ability to perform tasks or procedures Ex. Run medical x-ray equipment, perform surgery, put plumbing in a house, give first aid Soft Skills – Some are natural abilities, others must be learned through education, life experiences and practice Ex. Leadership skills, communication skills, ability to work with difficult people, problem-solving, organization

Learning about Job Requirements Job title is the name of a job. Example: Baker Job description describes what a job would be like. Includes: education, experience, hours, work site, location 1-1 Personal Skills and the Job Market Slide 5

What is important to you? Value Goal A desired outcome based on one’s values for which a plan of action is carried out. Ex. Value good health = Goal of eating healthy Value nice clothes = Goal of saving money A principle that reflects the worth you place on an idea or action Ex. Honesty, dependability, good health →→→ Slide 6

How Does Education Affect Your Income? 1-1 Personal Skills and the Job Market Slide 7

EDUCATION Formal education – school, college, trade schools Informal Education: On-the-job training- learning as you work Self training*- reading and practicing on your own, i.e. teaching yourself a computer program using tutorials *These skills can be listed on your resume when you are able to perform them well! Slide 8

Building Communications Skills Listening (not the same as hearing) Face and look at the person who is talking. Focus on what the speaker is saying. Ignore distractions. Turn off the phone. Take notes on the main ideas. In a conversation, give feedback or nod. Mentally summarize the main points. 1-1 Personal Skills and the Job Market Slide 9

Section 2 What Is the Economy? The economy refers to all the activities related to making and distributing goods and services. A market economy is based on the law of supply and demand. (U.S) The price is determined by what consumers are willing to pay and sellers are willing to accept. 1-2 The Economy and Your Education Slide 10

When Supply > Demand, Supply and Demand Supply Demand The willingness and ability of consumers to buy goods and services When Demand > Supply, the Price goes UP The quantity of goods and services that producers are willing and able to provide When Supply > Demand, the Price goes DOWN Slide 11

The Business Cycle 1-2 The Economy and Your Education Slide 12

When economy is… …growing… …slowing… People buy goods and services Jobs are created Businesses are hiring People buy fewer goods and services Fewer people are hired; there are layoffs Businesses are not growing Slide 13

Economy discussion: What if supply and demand level off? – That is called equilibrium and that is a relatively good thing - stabilizing Why might it be better to spend in a recession and save in recovery? What stimulates the economy? See Page 12 in book

What are the Costs of Education? Tuition is the expense paid by students for instruction at a school. Fees are charged to cover special expenses. Examples: technology, equipment, supplies Room and Board include housing and food. 1-2 The Economy and Your Education Slide 15

Types of College Programs and Degrees Career and Technical Schools Few months to a year or more Advanced Programs Associates Degree – 2 years Bachelor’s Degree – 4 years Master’s Degree – 1-3 years beyond Bachelor’s Doctorate – 3-5 years beyond Master’s May need internship or residency Slide 16

Costs vs. Rewards Consider the Costs of Education vs. the rewards of career and amount you will earn Bachelor’s Degree (4 years) = TWICE as much as a High School Diploma --------------$1,000,000+ over a lifetime! (Earn a minimum of $25k more per year X 40 years working = $1 mil+)

How am I going to pay for Education and Training??? Loans and grants Financial Aid – money you receive from outside source to help pay for education Grant: $ given for education and do not have to repay Loan: $ borrowed and have to repay 1-2 The Economy and Your Education Slide 18

Federal Financial Aid FAFSA form: filled out by parents (gaurdians) if under 23; includes parent and student income – must meet deadline! Subsidized Student Loan- interest is not charged until after you graduate Unsubsidized Student Loan- interest charged from the time loan is made Repayment of loans begins after graduation Slide 19

Other Financial Aid Private student loans – Loans from banks or credit unions *Higher interest rates than Federal loans *Usually unsubsidized **Better to go for Federal loans first before Private loans

Scholarships- Work and save Gift of $ or other aid (free tuition/books) Academic Athletic SAT Test scores Financial Need Work and save Work after HS, save for college Work while attending college

Ethical considerations when applying for Financial Aid Ethics – a set of moral values that people consider acceptable It is important to be truthful when completing aid forms Use N/A is information is not applicable or not available

Focus On . . .getting involved now Student Organizations Explore careers of interest. Attend conferences. Apply for scholarships, grants, financial aid. Take part in community service activities. Network and form friendships. 1-2 The Economy and Your Education Slide 23

Section 3 How Can You Find Job Openings? Social networks Job shadowing Cooperative work experience Counselors, teachers, placement centers Websites of businesses Job scout programs Employment agencies 1-3 Job Application Skills and Tools Slide 24

General Resume Guidelines A resume is a summary of your work experience, education, skills, interests. Have a “master resume.” Tailor each resume to match job opening. Limit resume to one page. Keep resume simple and attractive. List important information on top. Proofread thoroughly. 1-3 Job Application Skills and Tools Slide 25

The Cover Letter A cover letter introduces you to a prospective employer. It is short and direct. First paragraph says why you are writing. Second paragraph points out qualifications. Closing paragraph asks for an interview. 1-3 Job Application Skills and Tools Slide 26

How Do You Make Yourself Stand Out? A job application is a form that asks you basic information about your background. A job interview is a face-to-face meeting with a potential employer to discuss a job opening. Follow-up is contact with a prospective employer after the interview. 1-3 Job Application Skills and Tools Slide 27

PREPARE FOR THE INTERVIEW Rehearse open-ended questions like “tell me about yourself,” or “why did you pick us?” Practice. Arrive on time, or even 10 minutes early. Dress as if you have the job already. Appear self-confident and relaxed. Do not show tension or stress. Think before you speak. Speak slowly and clearly. Use good grammar and avoid slang. Do research on the company so you can speak intelligently about it and ask meaningful questions.

Success Skills Using Social Networking Sites Advantages include: Wide-range of sources for job information Rapid response to job openings, up to the minute BE CAREFUL: Don’t post anything that could lead others to think poorly of you. Don’t complain about your job, brag, criticize or swear Slide 29