Unit 5: Working and Earning Goal: Describe the factors that influence an individual’s income....
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Transcript of Unit 5: Working and Earning Goal: Describe the factors that influence an individual’s income....
![Page 1: Unit 5: Working and Earning Goal: Describe the factors that influence an individual’s income. Brainstorm……](https://reader036.fdocuments.in/reader036/viewer/2022081806/56649e6b5503460f94b695c0/html5/thumbnails/1.jpg)
Unit 5: Working and Earning
• Goal: • Describe the factors that influence an
individual’s income. • Brainstorm……
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Key Ideas
• Employment provides a means of creating…….• personal income• Income is determined by many factors including….• individual skills and abilities, work ethic and
market conditions
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Overview
1. Most people derive their income from …..• employment• Other means include……• government entitlements, annuities
(retirement savings) trust fund, stock profits, etc.
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2. Income may be determined by…….skills and abilities that an individual has• Some require intense training• -Technical skills, specialized training• Some require high levels of education• -Levels of degrees: ………• Associate’s, Bachelor’s, Master’s,
Doctorate (Ph.D.), Medical (M.D.)
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• Some keys to Income may be innate - define…• (natural; in-born)• - Physical, artistic, intellectual
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3. Income may be influenced by an individual’s… work ethic …..-define…..• Amount of effort one puts into work• Personal motivation• - Could be internal…define…ex?• Will to succeed• Character • Personal Satisfaction
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• Income could be driven by external incentives (ex’s?..)
• Commission, bonuses, promotions, raises• More hours or better attitude may = higher
income• Lack of motivation/work ethic may lead to….
demotion, elimination of job
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• 4. Market conditions can influence an individual’s income
• Economic, social, cultural and political conditions can all affect incomes
• Economic growth or contraction can affect….• performance bonuses, wage increases• Political conditions often influence job stability
and availability of jobs–Stable vs. Fragile–Fiscal policy decisions - tax rates, job programs
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• Jobs that are in high demand, but where the supply of workers with particular skills is limited often offer ……
• higher incomes• - Basic concept of supply and demand
–The only doctor in a town may reap a high salary–An overabundance of teachers may
drive down their salaries