knowledge
There are various jobs in the world. And different jobs have different requirements.
application
Make a list of jobs that you can think of, and describe the requirements of each.
knowledge
People get incomes from their jobs.
application
Explain why employers are willing to pay others to work for them.
knowledge
The earned incomes of employees include salary, piece rate wage and commission.
application
Explain the different ways that one is paid.
knowledge
Money lent to others will be repaid with interest, another kind of income.
application
Explain why banks and other financial institutions pay interest on deposits.
knowledge
Renting out your house on will bring you rents.
application
Tell the differences between real estates and the ways that rents can be paid.
knowledge
Profits generated by a business is an income for business owners.
application
Profits of a business can be found on the basis of its revenues and costs.
knowledge
People who start up a new business, take great risks because they don’t know whether their business will profit at all.
application
Read a children’s book on starting a business to understand this profession, its risks and its expected profits.
knowledge
Income can also be gifts from friends and other family members, and allowances that one receives without work.
application
Conduct a survey in your classmates. Make a chart to demonstrate how many of them have received money as a gift and how many as an allowance. Explain why people give others money as a gift.
knowledge
Most incomes, including those from work, are taxed. The tax will be only used to pay the products and services provided by the government
application
Describe the government’s products and services funded by tax.