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Our Economy and You

Our Economy and You
Our Economy and You
Our Economy and You
Our Economy and You
Our Economy and You
Our Economy and You
Our Economy and You
Our Economy and You
Product Description
17.1 Managing Your Money

Our Economy and You
Income: Knowing What you Have
Making a budget involves figuring out one’s fixed expenses and variable expenses.
Fixed expenses remain the same month to month.
Rent and car payments…etc.
Variable expenses can change over time.
Cost of food, entertainment, and utility bills…etc
Working to lower variable expenses allows people to have additional money to pay off debts or to save and invest.
Making a Shopping List
Work in groups of 3-4
Make a list of 5 items you would like own.
Arrange the items in order of importance to you.
Find the prices of these items and figure out how many hours you would need to work at $5.50 an hour (after tax) to pay for each item.
Discuss: Do you think that the item is worth that many hours of work?

17.2 Spending and Saving
Our Economy and You

A SMART CONSUMER
Check and compare prices and product quality and features.
Examine any warranty, or manufacturer’s promise to repair a defective product, and service contracts that might be offered.
Look for sales and discounted items.
Investigate the hidden costs of buying on credit.
Facts and Quotes: Personal Debt
At the end of 1999, American consumers owed over $1.4 trillion in unpaid credit.
This personal debt was nearly twice what it was in 1990.
Some unpaid credit is for mortgages, auto loans, and education loans.
Other unpaid credit is for general consumer credit.

Why are people in debt?

A SMART CONSUMER cont’d
Shop around for savings plans!
Consider liquidity; that is, how fast they can get their money if they need it (the ability to turn savings back into cash).
See whether a bank savings account is a better use of their money than another kind of investment.
Common Savings Plans

Safety is a factor in many people’s investment decisions.
Deposits in banks and savings and loans are protected by the federal government,
while buying stocks in a corporation is a risk—The value of the stock and stock dividends may go up, but they may just as easily go down.

Insurance is a plan companies sell that gives protection from loss or injury.
It is another way to use money now for protection in the future.
The four basic kinds of insurance are life, property, health and liability.
17.3 Careers: Planning for the Future
Our Economy and You

In our nation, how a person plans to make a living is one of the most important decisions he or she can make.
Our economy has changed from farming and manufacturing base to a service base.
Many of these new jobs demand a much higher level of education, an increasing amount of special training is needed for many careers.
WHEN SHOULD YOU START THINKING ABOUT A CAREER?
as our economy changes,
career options change.

Students doing research on career opportunities need to answer several important questions:
What do you like to do?
Can you make a living at it?
What kinds of training will you need for a job in this area? What are the job opportunities in this area currently?
Are there volunteer opportunities in this field so that you can learn more about?
Research into careers should also include learning what employers look for in a job applicant.
Career planning is an ongoing process.
How to Choose the Right Career
Total Pages
24 pages
Answer Key
N/A
Teaching Duration
N/A
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