What to expect

READING ASSIGNMENT Read Section 1.1 Personal Skills and the Job Market pg 2-8 Define new terms on a piece of paper or in a word document Job MarketValue Skill SetGoal Soft SkillsOn-the- job training Hard skillsself –training Job Description

Money doesn’t grow on trees

CHAPTER 1

What is the JOB MARKET? Job Market The job openings available when you are ready to go to work.

Needed Skills for the Job Market Skill Set The unique skills and abilities that you bring to the job market There are two types of skill sets Hard SkillsSoft Skills

Hard SkillsSoft Skills Specific technical abilities which are measurable physical and mental abilities that allow you to complete a job Nontechnical skills needed by most workers for success on the job. Installing a faucetLeadership skills Preparing a spreadsheetEffective communication skills Operating a machineTeamwork skills Driving a vehicleProblem solving skills Building a homeTime management skills

Job Research Online or library read about various jobs. Outlook Handbook (OOH) Published by the U.S. Department of Labor Available online

Job Research (cont.) Dictionary of Occupational Titles: An online searchable database. Monthly Labor Review: provides current information

Job Choices Affect Your Income Experience Training Education Increase Hard and Soft skills.

Learning about Job Requirements Job Title A name given to a particular job Job Description Describes what a job would be like, including tasks performed and skills needed.

Preparing for Lifelong Learning Continue learning new skills and information to help you stay qualified Prepares you be a skilled worker and an informed consumer

Preparing for Lifelong Learning (cont) How do you do this? 1. Continue Education 2. Professional Periodicals/Magazines 3. Webinars/Seminars.

Values and Goals Affect Your Job Choices Values A principle that reflect the worth you place on an idea or action Goals A desired outcome based on one’s values for which a plan of action is carried out.

How does Education Affect Your Income Formal Education Attending classes – Earn a degree Informal Education Takes place on the job.

How does Education Affect Your Income (cont.) On-The-Job Training Learning as you do the work Self - Training Learning new skills from reading and practicing

Assignment Complete Check Your Understanding Vocabulary Terms Section 1.1 pages 2-8

VOCABULARY Soft Skill1. Nontechnical skills needed by most workers for success on the job. Skill Set2. The unique skills and abilities you bring to the job market Goal3. A desired outcome based on one’s values for which a plan of action is carried out. Self Training4. Learning new skills on your own by reading and practicing Job Description 5. A description of what a job would be like. Values6. A principle that reflects the worth you place on an idea or action. Job Market7. Job openings that are available when you are ready to go to work. Hard Skills8. Measurable physical and mental abilities that allow you to complete a job.

What is the ECONOMY? All activities related to making and distributing goods and services in a geographic area or country.

ECONOMIST A person who studies the economy ECONOMICS A study of how choices are made by individuals and societies

The Economy affects Prices. Market Economy: An economy based on the laws of supply and demand. Demand: The willingness and ability of consumers to buy goods and services. Supply:The quantity of goods and services producers are willing and able to provide.

Demand > Supply = Prices Demand < Supply = Prices

The Economy Affects Income Wages = Hourly rate earned Salary = annual income (monthly)

THE BUSINESS CYCLE PEAK RECESSION TROUGH RECOVERY

Assignment Explain the four stages of the Business Cycle in your own words include the terms Recovery, Peak, Economic Decline, Recession, and Trough

Costs of Education Tuition Fees: The expenses paid by students for the instruction at a school Cover special expenses of education programs not included in the tuition.

Additional Money for incidentals Food Housing Clothing Transportation

Public or Private Education Bachelor’s Degree = 4 yr college or university Accredited: A college or university that is certified to meet educational quality standards. Associate’s Degree = 2yr Community College Career and Technical Schools

GRADUATE AND ADVANCED PROGRAMS Master’s Degree = Graduate Degree Doctorate Degree = 3-7 years past a master’s degree Residency

What is the SAT? The SAT is the nation’s most widely used college admission exam. Scholastic Aptitude Test

SchoolPrivate or PublicCost Rowan UniversityState (In State Cost)13, Rowan UniversityOut of State19, Penn State UniversityIn State12, Penn State UniversityOut of State21, THE COST OF POST SECONDARY EDUCATION – Portfolio Assignment ROWAN Gloucester County College

How will you pay for Education and Training Loans and Grants: 1. Available from federal government, local banks, and other lenders. 2. Financial Aid: money received from outside sources to help pay for education. 3. Loans: Money borrowed and must be paid back 4. Grants: Money given to pay for education expenses and does not have to be repaid.

FAFSA FAFSA = Free Application for Federal Student Aid – is completed and submitted online 1. Must be under Parents disclose income and assets 1. Assets: Money or things of value that are owned – Savings accounts, house, car, stocks etc. 2. Interest – Money paid for the use of borrowed money

Subsidized Student Loans: are loans which interest does not get paid back until after graduation. Unsubsidized Loan: are loans interest is charged from the time the loan is taken. Private Student Loans.

Scholarships A gift of money or other aide awarded to a student to help pay for education Partial Scholarships Full Scholarships s-scholarships/finding-scholarships

Work Study Programs: Students work on campus and are paid at contracted rates. Money reduces the amount of the loan you must repay. Work and Save

When applying for any type of aid there are ethical issues to consider: 1. Ethics: set of moral values that people consider acceptable. 2. Be truthful 3. Fill in all blanks 4. Use N/A = Not Applicable or Not Available

Calculating the Increase in Tuition Costs Take out Chapter 1 Menu The average tuition for a four year private college increases by 5.9% from last year. The average cost last year was $20,051. What is the average cost this year? Current Year’s Cost = Last Year’s Tuition Cost X Percentage Increase Increase in Tuition + Last Year’s Cost Current Year’s Cost = $20,051 X.059 $1, ,051 $21, 234

Calculating the Increase in Tuition Costs Use this year’s tuition cost from above. If the tuition increases by 6% for each of the next three years, what will be the total tuition cost for the four years? Current Year’s Cost = Last Year’s Tuition Cost X Percentage Increase Increase in Tuition + Last Year’s Cost Current Year’s Cost = $20,051 X.059 $1, ,051 $21, 234

Calculating the Increase in Tuition Costs YEARCOST 1$21, Increase for Year 2 = $21, X.06 =1, Cost for Year 2 = $21, = $22, Increase for Year 3 = $ $22, x.06 = 1, Cost for Year 3 = $22, , = $23, Increase for Year 4 = $ $23,858.52x.06 = 1, Cost for Year 4 = $23, , = $25, Total Cost $92,890.50