1. WARM UP (complete in link on classroom)
Unit 5: Microecononmics & Personal Finance Lesson 4: Education, Career Planning, & Retirement
ESSENTIAL QUESTIONS (WRITE DOWN!):
How does education influence my career options?
What steps can I take to improve my retirement security?
WARM UP (complete in link on classroom)
(Where) Do you hope/plan to go to college? What kind of school or technical education do you want after high school?
What sort of job / career do you envision for yourself?
Lesson Vocabulary
Investment Portfolio
Correlation between education & income
Stock
Mutual Fund
Wage
401(K)
Salary
Roth IRA
Income
Pension
Entrepreneurship
Social Security
Profit, Revenue, Cost
Health Insurance
Independent Contractor
Life Insurance
Entitlements
Investment
Lesson Skills:
Analyze graphs and statistical data

2. Unit 5: Microecononmics & Personal Finance Lesson 4: Education, Career Planning, & Retirement
Class Website:
DEADLINES & HOMEWORK:
Lesson One: PT Due Thurs, April 21
Lesson Two: PT 5.2 Due Monday, April 25
Vocabulary Quiz April 26: Lessons 1-2
Lesson Three: PT 5.3 due Tues, April 26
Lesson Four: PT 5.4 due Wed. April 27
Lesson Five: PT 5.5 due Thurs, April 28
VOCAB QUIZ (Lessons 1-5): April 28
Lesson 6: PT Due Monday, May 2
REVIEW PACKET DUE: Monday, May 2nd
UNIT TEST: TUESDAY, MAY 3rd
Lesson 3 Performance Task:
ACECES Paragraph: You work for a credit card company. Your job is to are process credit card applications. Write an explanation to each of the following applicants explaining whether they will get a high or low interest rate and why.
Applicant #1: Credit Score 738
Applicant #2: Credit Score 588
Lesson 4 Performance Task:
Write a paragraph or create a comic strip that shows your career goals and the level of education and training you will need to meet your goals.

3. Career Planning 101: Jobs vs. Careers
work you do for money
No special reason why the job is important to you
Usually offers an hourly wage
Workers are paid for the time they work
A chosen profession
Opportunities for growth & advancement
Usually offers a salary and benefits
Salary – employee is paid a set amount each year
Benefits – ways that companies compensate their employees OTHER THAN salary:
Health care
Retirement plans
Paid time off

4. Median Salary Predictions: How much do they make?
Fast food worker
Fast food manager
NC Teacher
Secretary
Computer engineer
Police officer
U.S. Army Private
Electrician
Custodian / janitor
$18,360
$26,500
$40,000
$35,200
$107,000
$52,300
$18,400
$53,800
$26,235
Paralegal
Attorney
University professor
Veterinary assistant
Teaching assistant
Payroll clerk
Server at a restaurant
Auto mechanic
$48,661
$83,600
$89,600
$28,000
$20,900
$36,000
$25,200
$35,700

5. Too cool for school?

6. Education & Income: What’s going on in this picture?

7. Education and Health: What’s going on in this picture?

8. Performance Task 5.4
Write a paragraph or create a comic strip that shows your career goals and the level of education and training you will need to meet your goals.
Due in 10 minutes

9. WARM UP (complete in link on classroom)
Unit 5: Microecononmics & Personal Finance Lesson 4: Education, Career Planning, & Retirement
ESSENTIAL QUESTIONS (WRITE DOWN!):
How does education influence my career options?
What steps can I take to improve my retirement security?
WARM UP (complete in link on classroom)
Hillside has a lower student/teacher ratio than several other schools in Durham. There is a proposal to shift some teaching positions from Hillside to other schools in the district that are understaffed. Would this be fair? Why or why not?
What would the opportunity cost of this decision be?
Lesson Vocabulary
Investment Portfolio
Correlation between education & income
Stock
Mutual Fund
Wage
401(K)
Salary
Roth IRA
Income
Pension
Entrepreneurship
Social Security
Profit, Revenue, Cost
Health Insurance
Independent Contractor
Life Insurance
Entitlements
Investment
Lesson Skills:
Analyze graphs and statistical data

10. Basic Life Planning Choices
Be employed – work for another person / company
Work for yourself!
Entrepreneur – someone that opens their own business
Benefits of entrepreneurship:
Do what you love, Set your own hours, you keep your profits
Risks of entrepreneurship:
Most small businesses fail
Takes money to get started
Independent contractor – provide services to companies in exchange for payment
Examples: construction, cleaning services, etc.

11. Entrepreneur
Individual who starts a new business, introduces a new product, and improves a management technique

12. Different kinds of businesses
Sole proprietorship
Partnership
Corporation

13. Sole proprietorship
Business owned and operated by one person

14. Partnership
Business that two or more people run

15. Corporation
Business with its own legal status separate from an individual
Usually sells stocks

16. Businesses compete to sell either Goods or Services
Physical products we can buy and use
Toothbrush
Soda
Glue
Pants
iPod
Things we pay for that provide a convenience
Cleaning services
Restaurants
Hotels
Tutoring
Hair stylist / manicure

17. Running a Business: Revenue
Money you make when you sell a product
If you sell 5 shirts for $10 each, the revenue is $50
Does not account for the cost of the shirts

18. Running a Business: Variable Costs
Costs that depend on other factors
The more you make, the more these costs go up
More paper = more trees
Hot weather, more cost to run the AC

19. Running a Business: Total Costs
Fixed + Variable

20. Running a Business: Marginal Costs
The additional cost of producing one more unit of output
3000 pencils= $150
3001 pencils = $150.05
Marginal cost = $.05

21. What is Profit?

22. Running a BusinessProfit
PROFIT=REVENUE-COST (P=R-C)
The amount of money left over after all costs are taken out

23. Running a Business: Break Even Point
Break Even Point -- point at which a company earns enough money to cover its expenses
Cost=Revenue
If a company cannot reach the break even point, it will shut down because it cannot turn a profit

24. Entrepreneurship Practice
Goals: Side 1 of Handout:
Distinguish between fixed and variable costs
Answer questions 1-7 to evaluate Joslin’s business plan
Goal: Side 2 of Handout:
Calculate the break-even point for Teddy Bear production
Given the costs and prices provided, fill in the table
Answer questions 1-3

25. Lesson Summary
Quick Writes: apply at least 3 vocabulary terms in each response:
What options do people have in terms of how they choose to earn a living?
What methods can individuals use to plan and save for retirement?
What advice would you give to someone thinking about investing in the stock market?
Kahoot.it questions