Chapter 1 Choices That Affect Income Copyright 2007

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

Changing Job Market • Job market refers to jobs available for workers • Job skills are things workers can do • The job market continues to change 1 -1 Personal Financial Decisions Slide 2

Projected Job Growth Employment Occupation % Change 2004 2014 Network systems analysts 231, 000 357, 000 54. 6 Medical assistants 387, 000 589, 000 52. 1 62, 000 93, 000 49. 6 Computer software engineers 800, 000 1, 169, 000 46. 1 Dental hygienists 158, 000 226, 000 43. 3 Database administrators 104, 000 144, 000 38. 2 Physical therapists 155, 000 211, 000 36. 7 1, 628, 000 2, 153, 000 32. 2 Employment and recruitment specialists 182, 000 237, 000 30. 5 Preschool and kindergarten teachers 601, 000 782, 000 30. 1 Paralegals and legal assistants 224, 000 291, 000 29. 7 Physician assistants Postsecondary teachers 1 -1 Personal Financial Decisions 2004 -2014 Slide 3

Projected Job Growth Employment Occupation Registered nurses 2004 2014 % Change 2004 -2014 2, 394, 000 3, 096, 000 29. 4 Medical records and health information technicians 159, 000 205, 000 28. 9 Emergency medical techs and paramedics 192, 000 244, 000 27. 3 96, 000 122, 000 27. 2 Personal financial advisors 158, 000 199, 000 25. 9 Pharmacists 230, 000 287, 000 24. 6 Public relations specialists 188, 000 231, 000 22. 9 Customer service representatives 2, 063, 000 2, 534, 000 22. 8 Receptionists and information clerks 1, 133, 000 1, 379, 000 21. 7 337, 000 403, 000 19. 7 Mental health counselors Sales managers Source: U. S. Department of Labor, Bureau of Labor Statistics. 1 -1 Personal Financial Decisions Slide 4

Career Choices and Income • More skills, training, or education can mean more income. • Income- the money you receive for work • 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 5

The Changing Job Market • How many jobs do you think you will have in your lifetime? • How many times do you think you will change jobs that you not only want to do with the rest of your life, but ones leading up to your “dream career as well” • Change is a vital part of all aspects of life, and the job market is no exception Slide 6

• The local job market may be different from the statewide or national job market in the short run. • The jobs that are in high demand now may not be in high demand in 5 -10 years. • What is popular job now that could not be in the future? – Surgeon – Mechanic Slide 7

Sample Hourly Earnings Occupation Mean 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. 1 -1 Personal Financial Decisions Slide 8

• Some jobs are higher paying in one area versus another. – Education – Private vs. public • Find a particular job listed, multiply the hourly rate by 2, 080 hours and that is the yearly salary. This is 40 hour work week for 50 weeks. – BUT that does not include taxes and such being taken out. Slide 9

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 1 -1 Personal Financial Decisions Slide 10

1 -1 Personal Financial Decisions Slide 11

1 -1 Personal Financial Decisions Slide 12

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 13

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 • More education typically means better pay 1 -1 Personal Financial Decisions Slide 14

Check In #1 1. Why does the job market change over time? What are 2 examples of jobs that you think have changed over time? 2. What are job skills? 3. Explain how career choices may affect the amount of money a person will earn. 4. How are goals different from values? What are some goals you have? 5. What is the difference between formal and informal education? Slide 15

Economic Conditions • Economy means all the activities related to making and distributing goods and services • Economist – Is a person who studies the economy – Tries to predict what will happen in the future 1 -2 Career Planning Slide 16

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 tend to be higher – When supply exceeds demand, prices tend to be lower 1 -2 Career Planning Slide 17

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 18

Training and Skills for Job Success • Hard skills – The ability to perform tasks and procedures – Examples: Install plumbing, build a computer, or 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 • 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 – Graduate and advanced programs 1 -2 Career Planning Slide 21

Paying for Education and Training • Loans and grants – Federal financial aid – Private student loans • Scholarships • Work and save 1 -2 Career Planning Slide 22

Paying for Education and Training • Financial aid is money you receive from some outside source to help pay for education. • A loan is money that you borrow and must repay. • A grant is money that you are given to pay for educational expenses and do not repay. Slide 23

Paying for Education and Training • Interest is money paid for the use of money. It considered the cost of borrowing money. • A subsidized student loan is a loan on which interest is not charged until after you graduate. On an regular loan, interest is charged from the time the loan is made. Slide 24

Levels of Education Postsecondary Vocational Training Associate’s Degree Bachelor’s Degree Master’s Degree Professional Degree or Doctoral Degree Slide 25

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 Source: United States Office of Personnel Management, USAJOBS, https: //my. usajobs. opm. gov/modifyagents. asp (accessed October 16, 2006). 1 -2 Career Planning Slide 26

Success Skills Networking • Is the process of making contacts and building relationships with people – Example of contacts include teachers, counselors, and coworkers – Keep track of contacts’ names, addresses, and phone numbers • Helps you stay informed and share information with others 2 -1 Earned Income and Benefits Slide 27

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 Slide 28

Check In #2 1. Define economy. 2. What is the definition of demand? Supply? 3. How may a growing economy affect your job and income? 4. Give an example of a hard skill. Give an example of a soft skill. How are they different? 5. How can students pay for their formal education after high school? Slide 29