Supply and Demand Supply The quantity of goods and services that producers are willing and able to provide When Supply > Demand, the Price goes DOWN Demand The willingness and ability of consumers to buy goods and services When Demand > Supply, the Price goes UP Slide 1

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

The Business Cycle Slide 3 Four Stages: Recovery, Peak, Recession, Trough

When economy is… …growing…  People buy goods and services  Jobs are created  Businesses are hiring …slowing…  People buy fewer goods and services  Fewer people are hired; there are layoffs  Businesses are not growing Slide 4

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+)

Focus On... getting involved now Slide 6 Explore careers Attend conferences Apply for scholarships, grants, financial aid Take part in community service activities Network and form friendships

How Can You Find Job Openings? Slide 7 Social networks Job shadowing Cooperative work experience Counselors, teachers, placement centers Websites of businesses Job scout programs Employment agencies

Job Preparation Slide 8 Job application Form that asks you basic information about your background Job interview Face-to-face meeting with a potential employer to discuss a job opening Follow-up Contact after the interview

The Resume Slide 9 A resume is a summary of your work experience, education, skills, interests. “Master Resume” Tailor each resume to match job opening One page Simple and attractive Important information on top Proofread

The Cover Letter Slide 10 A cover letter introduces you to a prospective employer. Short and direct First paragraph: why you are writing Second paragraph: qualifications Closing paragraph: ask for an interview

The Interview  Rehearse questions: “tell me about yourself,” or “why did you pick us?”  Arrive minutes early  Dress professionally  Appear self-confident and relaxed  Think before you speak  Speak slowly and clearly and avoid slang  Review the company’s website

Using Social Networking Sites Slide 12 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