Examine the market value of a worker’s skills and knowledge.
DefinitionExamination should include
- an explanation of how a wage is set by the demand for and supply of workers with a specific set of skills and knowledge
- describing the relationship between a person’s own human capital and the resulting income potential
- researching the market value of high-demand, high-wage occupations.
Related Standards of Learning
History and Social Science
The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by
- planning inquiries by synthesizing information from diverse primary and secondary sources;
- analyzing how political and economic trends influence public policy, using demographic information and other data sources;
- comparing and contrasting historical, cultural, economic, and political perspectives;
- evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
- constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
- explaining how cause-and-effect relationships impact political and economic events;
- taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
- using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
- applying civic virtues and democratic principles to make collaborative decisions; and
- communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.
Other Related Standards
Economics and Personal Finance Standards of Learning
The student will demonstrate knowledge that many factors affect income by
- examining the market value of a worker’s skills and knowledge;
- identifying the impact of human capital on production costs;
- explaining the relationship between a person’s own human capital and the resulting income potential; and
- describing how changes in supply and demand for goods and services affect income.
The student will demonstrate knowledge of income earning and reporting by
- examining how personal choices about education, training, skill development, and careers impact earnings;
- differentiating among sources of income;
- calculating net pay;
- investigating employee benefits and incentives; and
- completing a standard W-4 form.
FBLA Competitive Events and Activities Areas
Banking and Financial Systems
Business Financial Plan
The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.