CONTENT STATEMENT
Income is determined by many factors including individual skills and abilities, work ethic, and market conditions.
CONTENT ELABORATION
Income may be determined by the skills and abilities an individual has. Some skills may require intense training and education. Income may be influenced by an individual’s work ethic. One who puts in more hours or demonstrates a better attitude about his or her work may reap a higher income.
Market conditions can influence an individual’s income. Economic, social, cultural, and political conditions can all affect incomes. Jobs that are in high demand with a limited supply of workers with particular skills often offer higher incomes. Usually, these might be in certain professions that require years of education (e.g., doctors, dentists, lawyers). In addition, jobs that include a high amount of physical risk may offer the opportunity to earn higher incomes.
EXPECTATIONS FOR LEARNING
Explain how income is determined by many factors including individual skills and abilities, work ethic, and market conditions.