What to expect

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 MarketSkill Set

The unique skills and abilities that you bring to the job market

There are two types of skill sets

Hard Skills Soft Skills

Hard Skills Soft SkillsSpecific 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 faucet Leadership skills

Preparing a spreadsheet

Effective communication skills

Operating a machine Teamwork skills

Driving a vehicle Problem solving skills

Building a home Time management skills

Job ResearchOnline or library read about various jobs.

Outlook Handbook (OOH)Published by the U.S. Department of LaborAvailable online

Job Research (cont.)Dictionary of Occupational Titles:

http://onlin.onetcenter.orgAn online searchable database.Monthly Labor Review: provides current information

Job Choices Affect Your IncomeExperience

TrainingEducation

Increase Hard and Soft skills.

Learning about Job RequirementsJob Title A name given to a

particular job

Job DescriptionDescribes what a job would

be like, including tasks performed and skills needed.

Preparing for Lifelong LearningContinue 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 Education2.Professional Periodicals/Magazines3.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 EducationTakes 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

AssignmentComplete Check Your UnderstandingVocabulary Terms Section 1.1 pages

2-8

VOCABULARYSoft Skill 1. Nontechnical skills needed by most workers for success on the

job.Skill Set 2. The unique skills and abilities you bring to the job market

Goal 3. A desired outcome based on one’s values for which a plan of action is carried out.

Self Training

4. Learning new skills on your own by reading and practicing

Job Description

5. A description of what a job would be like.

Values 6. A principle that reflects the worth you place on an idea or action.

Job Market 7. Job openings that are available when you are ready to go to work.

Hard Skills 8. 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

PEAKRECESSIONTROUGH RECOVERY

AssignmentExplain the four stages of the Business Cycle in

your own words include the terms Recovery, Peak, Economic Decline, Recession, and Trough

Costs of EducationTuition

Fees:

The expenses paid by students for the instruction at a schoolCover special expenses of education programs not included in the tuition.

Additional Money for incidentals

Food Housing

ClothingTransportation

Public or Private EducationBachelor’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 Testhttp://sat.collegeboard.org/home

School Private or Public Cost

Rowan University State (In State Cost) 13,018.00

Rowan University Out of State 19,598.00

Penn State University In State 12,284.00

Penn State University Out of State 21,152.00

THE COST OF POST SECONDARY EDUCATION – Portfolio Assignment

ROWANGloucester 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.

FAFSAFAFSA = Free Application for Federal Student

Aid – is completed and submitted online1.Must be under 23.2.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.

ScholarshipsA gift of money or other aide awarded to a

student to help pay for educationPartial ScholarshipsFull Scholarships

http://www.finaid.org/scholarshipshttp://studentaid.ed.gov/types/grants-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 truthful3.Fill in all blanks4.Use N/A = Not Applicable or Not Available

Calculating the Increase in Tuition Costs

Take out Chapter 1 MenuThe 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 $1,183 + 20,051 $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 $1,183 + 20,051 $21, 234

Calculating the Increase in Tuition Costs

YEAR COST

1 $21,234.00

2 Increase for Year 2 = $21,234.00 X .06 =1,274.04Cost for Year 2 = $21,234.00 + 1274.04 = $22,508.04

3 Increase for Year 3 = $ $22,508.04 x .06 = 1,350.48Cost for Year 3 = $22,508.04 + 1,350.48 = $23,858.52

4 Increase for Year 4 = $ $23,858.52x .06 = 1,431.51Cost for Year 4 = $23,858.52+ 1,431.51 = $25,290.03

Total Cost$92,890.50