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Factors Influencing Individual Income: Skills, Work Ethic, and Market Conditions

Understanding the various factors that influence an individual's income is crucial for career development and financial planning. Employment is the primary source of income for most people, but additional sources include government entitlements and investments. Key factors affecting income include personal skills, education levels, work ethic, and market conditions. High-demand jobs with limited supply often yield higher salaries, while economic and political factors also play significant roles in determining income stability and growth.

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Factors Influencing Individual Income: Skills, Work Ethic, and Market Conditions

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  1. Unit 5: Working and Earning • Goal: • Describe the factors that influence an individual’s income. • Brainstorm……

  2. 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

  3. Overview 1. Most people derive their income from ….. • employment • Other means include…… • government entitlements, annuities (retirement savings) trust fund, stock profits, etc.

  4. 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.)

  5. Some keys to Income may be innate - define… • (natural; in-born) • - Physical, artistic, intellectual

  6. 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

  7. 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

  8. 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

  9. 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

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