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Personal Finance Economics . Name_______________________period ___________ Nancy K. Ware, Instructor Gainesville High School Read EOCT Guide p.93-112. Personal Finance Map of GPS. PF1 The student will apply rational decision making to personal spending & saving choices.

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personal finance economics

Personal FinanceEconomics

Name_______________________period___________

Nancy K. Ware, Instructor

Gainesville High School

Read EOCT Guide p.93-112

personal finance map of gps
Personal Finance Map of GPS

PF1 The student will

apply rational decision

making to

personal spending

& saving choices.

PF4 The student will

evaluate the costs and

benefits of using credit.

Consumer

Savvy

Student!

PF2 The student will

explain

that banks & other financial

institutions are businesses

that channel funds

from savers to investors.

PF5 The student will describe

how insurance & other

risk-management strategies

protect against financial loss.

PF3 The student will

explain how changes in

monetary & fiscal policy

can have an impact on an

individual’s spending &

saving choices.

PF6 The student

will describe how

the earnings of workers

are determined in the

marketplace.

vocab grab unit 5
Vocab Grab Unit 5!!
  • Pick your vocab word out of the hat
  • Act – Draw – Speak your unit 5 vocab word
  • Act: role play, broadcast, TV show, TV interview, Internet pod cast, (you may video yourself using your phone if you don’t want to do it live)
  • Draw: draw a scenario that depicts your vocab word on the board or on a poster
  • Speak: Sing, dramatically interpret, make up an poem or a rap about your vocab word
develop your background information personal finance economics video vocab
Develop Your Background Information! Personal Finance Economics Video Vocab
  • Compound Interest
  • Credit
  • Financial Markets
  • Human Capital
  • Insurance
  • Money Mgmt & Budgeting
  • Risk and Return
  • Saving and Investing
personal finance standard 1
Personal Finance Standard 1
  • SSEPF1 The student will apply rational decision making to personal spending and saving choices.
  • a. Explain that people respond to positive and negative incentives in predictable ways.
  • b. Use a rational decision making model to select one option over another.
  • c. Create a savings or financial investment plan for a future goal.
slide6

GPS 1 Making Life Decisions Essential Questions

VE4 Videos: Money Mgmt & Budgeting

What is an incentive?

What is a positive incentive and how do people respond to them?

What is a negative incentive and how people respond to them?

What are the steps in the rational decision making model?

How can you save for a future goal in life?

pf1 the student will apply rational decision making to personal spending and saving choices
PF1 The student will APPLY rational decision making to personal spending and saving choices
  • Define Rational:
  • Describe a financial (involving money) situation where you had to make a rational decision.
  • The Decision Making Process Review
    • D
    • L
    • S
    • E
    • M
pf1 the student will apply rational decision making to personal spending and saving choices1
PF1 The student will APPLY rational decision making to personal spending and saving choices
  • Rational?? - agreeable to reason; reasonable; sensible, having or exercising reason, sound judgment, or good sense
  • The Decision Making Process
    • Define the Problem
    • List the Alternatives
    • State the Criteria
    • Evaluate the Alternatives
    • Make a Rational Decision
rational or not you be the judge
Rational or Not? You be the Judge
  • New brakes for your car or new dress for a party?
  • Eye Doctor appointment or fancy dinner?
  • Spending all your money every payday or saving at least 10% of your check?
  • Buying the latest technology gadget phone when your old phone works fine?
it s my life activity gps 1 6
It’s My Life! Activity GPS 1 & 6
  • Plan your life. Sounds weird I know but think about the future and what you want out of life. You don’t get many second chances in life, and you need to decide what direction you want to go in before going at it blindly. See the activity sheet.
  • Visual aid required for presentation
  • Don’t forget to get the rubric 
slide11
PF1a Explain that people respond to positive and negative incentives in predictable ways. What Makes you Tick?
  • Incentives – list examples of incentives for you.
  • Incentives – list examples of incentives for a business.
  • Incentives – list incentives for a government.
  • Activity: Positive vs. Negative incentive ROLE PLAY with partner. Write out your script here.
pf1c create a savings or a financial investment plan for a future goal
PF1c Create a savings or a financial investment plan for a future goal

Lifework!

  • Why do you want to save money?
  • List 3 things you want (short term) and 3 things (long term) that you do not currently have the money to buy but you want to buy it.
  • What do you need to do to make it happen? How are you going to get it?
personal finance standard 2
Personal Finance Standard 2
  • SSEPF2 The student will explain that banks and other financial institutions are businesses that channel funds from savers to investors.
  • a. Compare services offered by different financial institutions.
  • b. Explain reasons for the spread between interest charged and interest earned.
  • c. Give examples of the direct relationship between risk and return.
  • d. Evaluate a variety of savings and investment options; include stocks, bonds, and mutual funds.
slide14

1. What are some services offered by banks, credit unions, and savings and loans?2. Why is the spread between interest charged and interest earned different? 3. What is the relationship between risk and return? 4. What are stocks, bonds, and mutual funds? 5. What is the risk and return associated with each of these financial products?

GPS 2 Money & Banking Essential Questions

VE4Videos: Risk & Return, Financial Markets

slide15
PF2 The student will explain that banks and other financial institutions are businesses that channel funds from to savers to investors

Video: Money & Banking

  • If you don’t have the money to buy something of value, where do you get the money?
  • Where do they get the money? Draw a picture that explains where banks get their money.
slide16

PF2a Banks & Financial Institutions ScavHunt & Comparison Graphic OrganizerTask: You want to borrow money for a car, college, or a home (pick one). Find an institution in each of the 3 categories with an Ipad & answer the questions.

slide17

PF2a Banks & Financial Institutions ScavHunt & Comparison Graphic OrganizerTask: You want to borrow money for a car, college, or a home (pick one). Find an institution in each of the 3 categories with an Ipad & answer the questions.

pf2b interest are you interested you should be
PF2b Interest – Are you Interested?? You Should Be!
  • Deposit your money & you earn__________________________________.
  • Borrow money & you are charged_________________________________.
  • Banks are in business to make a _________________________________.
  • Simple Interest formula: P x R x T
  • Problem: You decide to take out a loan for school in the amount of $10,000. If you are enrolled in school, the terms of the loan are 7% interest repaid in 3 years after graduating from college.
  • If you drop out of school, then you have defaulted on your loan, and you must begin repayment the month after leaving school to be repaid in 2 years at 14% interest.
  • Calculate the amount to be repaid if you do not default AND if you do default on your loan. Compare these numbers. Which would you prefer to pay back? Why?
pf2b interest are you interested you should be1
PF2b Interest – Are you Interested?? You Should Be!
  • Deposit your money & you earn__________________________________.
  • Borrow money & you are charged_________________________________.
  • Banks are in business to make a _________________________________.
  • Simple Interest formula: P x R x T
  • Problem: You decide to take out a loan for school in the amount of $10,000. If you are enrolled in school, the terms of the loan are 7% interest repaid in 3 years after graduating from college.
  • If you drop out of school, then you have defaulted on your loan, and you must begin repayment the month after leaving school to be repaid in 2 years at 14% interest.
  • Calculate the amount to be repaid if you do not default AND if you do default on your loan. Compare these numbers. Which would you prefer to pay back? Why?
pf2c what is the relationship between risk and return
PF2c What is the Relationship Between Risk and Return?
  • Define Risk:
  • Define Return:
  • Draw RISK & RETURN in the space below

“Let’s Make a Deal” ~ A Game of Risk & Return!

You will be presented with scenarios that are either high risk or low risk. You have to decide what the return will be (high or low you won’t know until you decide) and then take the chance OR not.

pf2c what is the relationship between risk and return1
PF2c What is the Relationship Between Risk and Return?
  • Risk: the chance or probability of loss (life, in Economics it’s money)
  • Return: the opportunity to receive reward (money usually) beyond initial investment

Risk

Return

Risk

Return

pf2d evaluate a variety of savings and investment options including stocks bonds mutual funds
PF2d Evaluate a variety of savings and investment options, including stocks, bonds, mutual funds.
pf2d evaluate a variety of savings and investment options including stocks bonds mutual funds1
PF2d Evaluate a variety of savings and investment options, including stocks, bonds, mutual funds.
slide25

http://www.youtube.com/watch?v=hashPaU7Dpk&safety_mode=true&persist_safety_mode=1&safe=activehttp://www.youtube.com/watch?v=hashPaU7Dpk&safety_mode=true&persist_safety_mode=1&safe=active

personal finance standard 3
Personal Finance Standard 3
  • SSEPF3 The student will explain how changes in monetary and fiscal policy can have an impact on an individual’s spending and saving choices.
  • a. Give examples of who benefits and who loses from inflation.
  • b. Define progressive, regressive, and proportional taxes.
  • c. Explain how an increase in sales tax affects different income groups.
slide27

GPS 3 Taxes Essential Questions

1. How do changes in monetary and fiscal policy can have an impact on an individual’s spending and saving choices?2. Who benefits and who loses from inflation?3. What are some examples of economic groups that win and lose during inflation?4. What are progressive, regressive, and proportional taxes?5. How does an increase in sales tax affects different income groups?

slide28

Taxes; a

Necessary EVIL!

Certainty? In this world nothing

is certain but death and taxes.

--- Benjamin Franklin

slide29
PF3 Student will explain how changes in monetary & fiscal policy can have an impact on an individual’s spending and saving choices.
  • Why save money?

1. R_________________ (ex. 401k)

2. L_________P_________ (ex. House)

3. Create w_____________

4. L____________E___________(ex. b_____, Insurance p_____________)

5. Large short term e_____________ (ex. C_____, C___________)

6. Your own ideas:

slide30
PF3 Student will explain how changes in monetary & fiscal policy can have an impact on an individual’s spending and saving choices.
  • Why save money?
  • Retirement
  • Large Purchases (House)
  • Create Wealth
  • Large Expenses (baby, Insurance premiums)
  • Large short term expense (Car, College)

http://www.practicalmoneyskills.com/video/#anchorTop

slide31
PF3 Student will explain how changes in monetary & fiscal policy can have an impact on an individual’s spending and saving choices.

Cause

Effect on YOU

1. Gov’t Raises Taxes

2. Gov’t Increases Spending

3. Gov’t Lowers Taxes

4. Gov’t Decreases Spending

1.

2.

3.

4.

1. Fed Reserve Increase Reserve Ratio, Discount Rate, Sells Bonds (Securities)

  • 2. Fed Reserve Decreases Reserve Ratio, Discount Rate, Buys Bonds (Securities)

1.

2.

slide32
PF3 Student will explain how changes in monetary & fiscal policy can have an impact on an individual’s spending and saving choices.

Cause

Effect on YOU

1. Gov’t Raises Taxes

2. Gov’t Increases Spending

3. Gov’t Lowers Taxes

4. Gov’t Decreases Spending

1. You have less disposable income

2. You have more disposable income

3.You have more disposable income

4. You have less disposable income

1. Fed Reserve Increase Reserve Ratio, Discount Rate, Sells Bonds (Securities)

  • 2. Fed Reserve Decreases Reserve Ratio, Discount Rate, Buys Bonds (Securities)

1. Less disposable income & loanable money

2.More money circulates in the economy; more disposable income & loanable funds

pf3a winners losers of inflation
PF3a Winners & Losers of Inflation?
  • Define Inflation:
  • HURTS the elderly ~ WHY?
  • HURTS the poor ~ WHY?
  • HURTS wages of labor ~ WHY?
  • Who benefits?? (hint: think interest rate)

Homework: Draw a cartoon of Inflation and who it hurts. Be creative, use color, and make your meaning clear!

pf3a who benefits and who loses from inflation
PF3a Who benefits and Who loses from Inflation?
  • Inflation: general increase in prices
  • HURTS the elderly ~ WHY?
  • HURTS the poor ~ WHY?
  • HURTS wages of labor ! WHY?
  • Who benefits??

Homework: Draw a cartoon of Inflation and who it hurts. Be creative, use color, and make your meaning clear!

what happens to wages when inflation creeps up cartoon interpretation
What Happens to Wages When Inflation Creeps Up? Cartoon Interpretation

What do the bulls represent?

What does the flower represent?

What is about to happen in the cartoon?

pf3c explain how an increase in sales tax affects different income groups
PF3c Explain how an increase in sales tax affects different income groups.
  • Sales tax in Hall County is _____________.
  • Sales tax increases to 20%. What happens to demand?
  • How would that tax influence a $100,000, $50,000 and 25,000 household of 4?
    • $100,00
    • $50,000
    • $25,000
  • Why do people dislike taxes? (ask your parents!)
pf3c explain how an increase in sales tax affects different income groups1
PF3c Explain how an increase in sales tax affects different income groups.
  • Sales tax in Hall County is? 7%
  • Sales tax increases to 20%. What happens to demand? Goes down…way down
  • How would that tax influence a $100,000, $50,000 and 25,000 household of 4?
    • $100,000: Would take away some disposable income
    • $50,000: Would take away probably most if not all disposable income
    • $25,000: Would take away money needed for necessities
  • Why do people dislike taxes? More of a worker’s earnings is spent paying tax than making purchases in the economy.
slide40

PF3c Explain how an increase in sales tax affects different income group.Find the dollar amount in tax owed and the net income ($ after taxes are paid)

Which household is hurt the most by the increasing tax?

slide41

PF3c Explain how an increase in sales tax affects different income group.Find the dollar amount in tax owed and the net income ($ after taxes are paid)

Which household is hurt the most by the increasing tax?

personal finance standard 4
Personal Finance Standard 4
  • SSEPF4 The student will evaluate the costs and benefits of using credit.
  • a. List factors that affect credit worthiness.
  • b. Compare interest rates on loans and credit cards from different institutions.
  • c. Explain the difference between simple and compound interest rates.
gps 4 credit

VE4 Video: Interest & Compound Interest

GPS 4 Credit

Essential Questions

What are the costs and benefits of using credit?

What is credit worthiness?

What factors affect your credit worthiness?

What is a good credit score?

What is a “good” interest rate?

What is the difference between simple and compound interest?

pf4 the student will evaluate the costs and benefits of using credit
PF4 The student will evaluate the costs and benefits of using credit.
  • With a partner, list the benefits and the costs of using credit.
pf4 the student will evaluate the costs and benefits of using credit1
PF4 The student will evaluate the costs and benefits of using credit.
  • With a partner, list the benefits and the costs of using credit.
pf4 the student will evaluate the costs and benefits of using credit2
PF4 The student will evaluate the costs and benefits of using credit.
  • With a partner, list the benefits and the costs of using credit.
slide48
PF4a List the factors that affect credit worthiness & explain what they are & how they affect your ability to get a loan.

Explanation

  • D______toi______ ratio
  • Job __________
  • E__________levelobtained
  • P__________historyof bills and loans
  • C________ score
pf4a list the factors that affect credit worthiness
PF4a List the factors that affect credit worthiness.
  • Debt to income ratio
  • Job history
  • Education level obtained
  • Payment history of bills and loans
  • Credit score
slide50
PF 4b Compare interest rates on loans and credit cards from different institutions. Indicate if the rate is good, decent, or too high.

Which rate is the best from each institution? Why?

pf4c explain the difference between simple and compound interest
PF4c Explain the difference between simple and compound interest
  • Simple Interest:
  • Formula:
  • Compound:
  • Formula:
  • A= P=
  • r= n=
  • t=
pf4c explain the difference between simple and compound interest1
PF4c Explain the difference between simple and compound interest
  • Simple Interest: interest on only the amount b___________, also known as the _________
  • I=P x R x T (p_______ x r_____xt_____takesto repay)
  • Compound: interest applied to p_________ plus accrued i___________ to date
  • Which interest is easier to pay off?
  • Which interest would you rather have if you owe money?
  • Which interest would you rather have if someone owes YOU money?
  • What type of interest is charged for purchases on credit?
pf4c explain the difference between simple and compound interest2
PF4c Explain the difference between simple and compound interest
  • Simple Interest: interest on only the amount borrowed, the principal
  • I=P x R x T (principal x rate x time takes to repay)
  • Compound: interest applied to principal plus accrued interest to date
  • A= P x [1 + r/n]
  • A= total value to be repaid; P=Principal

r= Interest rate; n=number of compounding periods per yr.; t=number of years of the loan

nt

pf4c explain the difference between simple and compound interest3
PF4c Explain the difference between simple and compound interest
  • Which interest is easier to pay off?
  • Which interest would you rather have if you owe money?
  • Which interest would you rather have if someone owes YOU money?
  • What type of interest is charged for purchases on credit?
pf4c explain the difference between simple and compound interest4
PF4c Explain the difference between simple and compound interest
  • Simple interest: Jimmy borrows $5,000 and agrees to pay it back in 5 years at 5% interest
  • Compound Interest: Jeff borrows $10,000 at 5% compounded annually interest for 10 years
pf4c explain the difference between simple and compound interest5
PF4c Explain the difference between simple and compound interest
  • Simple: Jimmy borrows $5,000 and agrees to pay it back in 5 years at 5% interest
  • 5000 + {(5% of 5000) x 5 yrs} =
  • 5000 + (250 x 5) =
  • 5000 + 1250 =
  • $6250 total amount to be paid back
pf4c explain the difference between simple and compound interest6
PF4c Explain the difference between simple and compound interest
  • Compound Interest: Jeff borrows $10,000 at 5% compounded annually interest for 10 years
  • A= total amount to be repaid; P=principal (10,000) r=interest rate (5%); n=number of compounding periods per year (1) t=number of years in the loan
  • Using the formula, calculate the interest
personal finance standard 5
Personal Finance Standard 5
  • SSEPF5 The student will describe how insurance and other risk-management strategies protect against financial loss.
  • a. List various types of insurance such as automobile, health, life, disability, and property.
  • b. Explain the costs and benefits associated with different types of insurance.
gps 5 insurance
GPS 5: Insurance

Essential Questions

How does insurance protect against financial loss?

What is automobile, health, life, disability, and property insurance?

What does each protect you against?

What are the costs and benefits associated with these different types of insurance policies?

VE4 Videos: Insurance

slide60
PF 5 The student will describe how insurance and other risk management strategies protect against financial loss.
  • Transfer the risk by _________
  • WHY?
  • Examples:
  • How does it work?
slide61
PF 5 The student will describe how insurance and other risk management strategies protect against financial loss.
  • Insurance transfers the ______by paying _______
  • WHY buy insurance? Consumers pay a smaller _______to recover something of value SHOULD it become d________ or l______
  • What happens if you never use your insurance?
  • Example?
  • How does it work?
slide62
PF 5 The student will describe how insurance and other risk management strategies protect against financial loss.
  • Insurance transfers the risk by paying $$$
  • WHY buy insurance? Consumers pay a smaller feeto recover something of value SHOULD it become damaged or lost
  • What happens if you never use your insurance? They keep your $$$
  • Example? Auto insurance, health insurance
  • How does it work? You pay a monthly or bi-annually premium to the insurance carrier to protect you against losing your vehicle in an accident, either in part or the whole car
pf 5a list various types of insurance such as automobile health life disability and property
PF 5a List various types of insurance such as automobile, health, life, disability, and property.
pf 5a list various types of insurance such as automobile health life disability and property1
PF 5a List various types of insurance such as automobile, health, life, disability, and property.
pf5b explain the costs and benefits associated with different types of insurance
PF5b Explain the costs and benefits associated with different types of insurance.

Costs:

1.

2.

http://www.youtube.com/watch?v=nXfGeMNnBsM&safety_mode=true&persist_safety_mode=1&safe=active

http://www.youtube.com/watch?v=M7cUYVviK50&NR=1&feature=fvwp&safety_mode=true&persist_safety_mode=1&safe=active

Benefits whom?:

1.

2.

3.

pf5b explain the costs and benefits associated with different types of insurance1
PF5b Explain the costs and benefits associated with different types of insurance.
  • Costs:
    • If never used, can be a waste of money
    • Can be expensive (see Healthcare)
    • http://www.youtube.com/watch?v=nXfGeMNnBsM&safety_mode=true&persist_safety_mode=1&safe=active
    • http://www.youtube.com/watch?v=M7cUYVviK50&NR=1&feature=fvwp&safety_mode=true&persist_safety_mode=1&safe=active
  • Benefits whom?:
    • Policyholder if there is an accident or a need to use policy
    • Businesses
    • Insurance companies
personal finance standard 6
Personal Finance Standard 6
  • SSEPF6 The student will describe how the earnings of workers are determined in the marketplace.
  • a. Identify skills that are required to be successful in the workplace.
  • b. Explain the significance of investment in education, training, and skill development.
gps 6 wages education
GPS 6 Wages & Education

Essential Questions

How are wages and earning determined in the workplace (your job or career)

What skills are necessary to be successful in the workplace?

What is the return on your investment in education, training, and skill development?

What are the 4 types of skills?

VE4 Video Human Capital

pf 6 the student will describe how earnings are determined in the marketplace
PF 6 The student will describe how earnings are determined in the marketplace.
  • D_______ & S_______ of workers
  • S______________
  • Amount of t_________ & e___________
  • All this equals E________P_________
  • http://www.careercast.com/jobs-rated/2011-ranking-200-jobs-best-worst
  • http://www.bls.gov/emp/ep_chart_001.htm
pf 6 the student will describe how earnings are determined in the marketplace1
PF 6 The student will describe how earnings are determined in the marketplace.
  • Demand & Supply of workers
  • Specialization
  • Amount of training & education
  • All this equals EARNING POTENTIAL
  • http://www.careercast.com/jobs-rated/2011-ranking-200-jobs-best-worst
  • http://www.bls.gov/emp/ep_chart_001.htm
pf 6 the student will describe how earnings are determined in the marketplace2
PF 6 The student will describe how earnings are determined in the marketplace.
  • In 2012, what group had the highest unemployment?
  • In 2012, which group had the lowest unemployment?
  • Which group made the most money?
  • How much higher is the median weekly earnings for a bachelor’s degree vs less than a HS diploma?
  • Which group will you belong to in your future?

http://www.mtbaker.wednet.edu/career/definiti.htm

supply and demand in the labor market
Supply and Demand in the Labor Market
  • Labor D________
  • The higher the wage rate, the __________ the quantity of labor d____________ by firms & government.
  • Labor S__________
  • As wages increase, the ___________ of labor supplied also i___________.
  • E_____________Wage
  • The wage rate that produces neither an excess s__________ of workers nor an excess d____________ for workers in the labor market is called the e_____________ wage.

http://www.cnbc.com/id/40950977/The_Best_Jobs_in_America_2011

supply and demand in the labor market1
Supply and Demand in the Labor Market
  • Labor Demand
  • The higher the wage rate, the smaller the quantity of labor demanded by firms and government.
  • Labor Supply
  • As wages increase, the quantity of labor supplied also increases.
  • Equilibrium Wage
  • The wage rate that produces neither an excess supply of workers nor an excess demand for workers in the labor market is called the equilibrium wage.

http://www.cnbc.com/id/40950977/The_Best_Jobs_in_America_2011

how job valuable are you
How JOB Valuable Are You?
  • Select a job, occupation or career
  • Describe the skills and knowledge associated with performing that job
  • Describe the characteristics and knowledge needed to get the job, do well in the job, and keep the job
  • Which job do you want to have as an adult? Why?
pf6a identify skills that are required to be successful in the workplace
PF6a Identify skills that are required to be successful in the workplace.
  • Pretend you own your own business. With a partner, list 10 traits and SKILLS that you would look for if you were hiring someone to work for you.
  • Role play for the class either these traits OR the opposite of these traits.

Do ya got skillz??

wages skill levels
Wages & Skill Levels

Wages vary according to workers’ skill levels and education. Jobs are often categorized into the following four groups:

  • Unskilled Labor
    • Unskilled labor requires no specialized skills, education, or training. Examples: waiters, messengers, janitors
  • Semi-Skilled Labor
    • Semi-skilled labor requires minimal specialized skills and education. Example: fork-lift operator
  • Skilled Labor
    • Skilled labor requires specialized skills and training. Examples: auto mechanics, plumbers
  • Professional Labor
    • Professional labor demands advanced skills and education. Examples: lawyers, doctors, teachers

What category do you want to be in?

pf6b explain the significance of investment in education training and skill development
PF6b Explain the significance of investment in education, training and skill development.
  • What is the relationship between education & skill development in your life?
  • What do you want to be when you grow up?
  • Guess what? It’s time to decide. Give the details of your life plan. This is your final project of the year!
  • IT’s YOUR LIFE!! Project
test review
Test Review!!
  • This IS Jeopardy!
  • One side of the room vs. the other
  • Write your names down on a sheet of paper
  • Pick a scorekeeper to add points on the board
  • Playing for Reward!
the end of personal finance
The End of Personal Finance!
  • Congratulations you have made it to the end of another Economics domain!
  • You should have been preparing for this moment for the last 2 weeks.
  • The test is Friday October 11. Be Prepared to turn in all PF work on Friday
  • Thank you! 