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

Slide 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 The local job market may by different from the statewide or national job market in the short run. Over time, however, they tend to be very similar. 1-1 Personal Financial Decisions

Slide 3 Occupational Outlook Handbook Has data about the major job areas in the United States You can learn about jobs in a wide range of fields

Slide 4 Projected Job Growth Employment% Change Occupation Network systems analysts231,000357, Medical assistants387,000589, Physician assistants62,00093, Computer software engineers800,0001,169, Dental hygienists158,000226, Database administrators104,000144, Physical therapists155,000211, Postsecondary teachers1,628,0002,153, Employment and recruitment specialists182,000237, Preschool and kindergarten teachers601,000782, Paralegals and legal assistants224,000291, Personal Financial Decisions

Slide 5 Projected Job Growth 1-1 Personal Financial Decisions Employment% Change Occupation Registered nurses2,394,0003,096, Medical records and health information technicians159,000205, Emergency medical techs and paramedics192,000244, Mental health counselors96,000122, Personal financial advisors158,000199, Pharmacists230,000287, Public relations specialists188,000231, Customer service representatives2,063,0002,534, Receptionists and information clerks1,133,0001,379, Sales managers337,000403, Source: U.S. Department of Labor, Bureau of Labor Statistics.

Slide 6 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

Slide 7 Sample Hourly Earnings 1-1 Personal Financial Decisions OccupationMean 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.

Slide 8 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 As time goes by, the skills or education needed for the job may change. 1-1 Personal Financial Decisions

Slide Personal Financial Decisions

Slide Personal Financial Decisions

Slide 11 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

Slide 12 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 –Learning skills as you are working More education typically means better pay 1-1 Personal Financial Decisions

Slide 13 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 Try to focus on what the speaker is saying and not think about your next response 1-1 Personal Financial Decisions

Slide 14 Economic Conditions Economy means all the activities related to making and distributing goods and services –The economy will affect your income, and your income will affect the choices you make Economist –Is a person who studies the economy –Tries to predict what will happen in the future 1-2 Career Planning

Slide 15 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

Slide 16 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

Slide 17 Technology Corner Technology is change the way people find an use information The Internet is a worldwide network of computers that can share information The Internet is a good source of information about jobs.

Slide 18 Training and Skills for Job Success Specific skills include hard skills and soft skills 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

Slide 19 Education and Training Costs Tuition –The charge for instruction at a school Textbooks, fees, and other school expenses Living expenses such as rent, food, clothing, and travel 1-2 Career Planning

Slide 20 Education and Training Costs Costs vary for different schools and programs –Private colleges and universities –Public colleges and universities –Career and technical schools Typically lasts a few months to a year or more Usually costs less than a degree program at a university –Graduate and advanced programs Is study beyond a bachelor’s degree program Usually requires one to three years of study May require an internship 1-2 Career Planning

Slide 21 Paying for Education and Training Loans and grants –Money paid for the use of money is called interest –Federal financial aid The federal government offers financial aid to students who qualify. Subsidized student loan is a loan on which interest is not charge until after you graduate –Private student loans Are good for students who do not qualify for financial aid Scholarships –Gift of money or other aid made to student to help pay for education. May be based on need or grades, athletic skills, or high test scores 1-2 Career Planning

Slide 22 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 1-2 Career Planning Source: United States Office of Personnel Management, USAJOBS, (accessed October 16, 2006).

Slide 23 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 To be a successful team –Set clear goals for the team –Communicate with all team members –Define the duties of each team member 1-2 Career Planning

Slide 24 Focus on... Student Organizations Are often career-related Provide opportunities to learn about jobs and develop skills 1-2 Career Planning Future Business Leaders of America - Phi Beta Lambda, Inc.

Slide 25 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