How Your Choices Affect Income

Satisfactory Essays
Chapter 1: How Your Choices Affect Income
What is the Job Market?
A career is long term, you need experience and training from school, and a job is short term and simple. Job market refers to jobs available for workers. People who are trained for careers are losing their careers and don’t want to be underemployed. Underemployed means they are employed at a level below their skill set. Skill set is what you bring to a potential employer. It is the unique skills and abilities you bring to the job market.
Hard skills are technical, these are skills you are taught.
Soft skills are nontechnical, things you just have like your behavior or personality.
For different people, skills are different. An example of this is a language.
Learning About Job Requirements
Job title is the name of a job. For example: baker, cashier, desk assistant… etc. Job description describes what a job would be like. This includes: education (majors, college), experience, hours, work site, location.
Building Communications Skills
Listening: Face and look at the person who is talking; Focus on what the speaker is saying; Ignore distractions; Turn off the phone; Take notes on main ideas; In a conversation, give feedback or nod; Mentally summarize the main points (Ask questions about the company, not about the job: What is the turnover rate?).
What is the Economy?
The economy refers to all the activities related to making and distributing goods and services. A market economy is based on the law of supply and demand. The price is set at a point that consumers are willing to pay and sellers are willing to accept. Supply is high, stuff is low. Demand is high, stuff is high.
The Business Cycle
Peak -> Decline -> Recession -> Trough -> Recovery -> Growth Peak
Peak- Spending is at its highest point. More people are working. More money to spend.
Decline – Less spenders, Less wage earners; Unemployment rates rise
Tough- Bottom; Unemployment and spending are at their lowest
Economic

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