The modern market economy

Starting a Career

In many countries, businesses, the private sector, provide the ma­jority of jobs. But one could also make a career in government or in the not-for-profit sector.

Career is more than just a job. It is something that may include many separate jobs. People, as a rule, move from job to job during their lifetime. A career involves choices of occupation. There is work that we enjoy and feel good about. And ihere is work that we don't enjoy. Every career includes some work of both kinds. How much of each kind then-is in your career depends very much on decisions that you yourself make.

Seeking work (particularly first job) that is interesting and reward­ing requires effort and careful thought. What can help to make careei choices? What makes people give up their jobs? How to take the first steps in starting a career? These questions are very often asked. Here are some hints that may be useful.

First you must assess your interests and abilities. Self-assessment is useful in helping you decide what to look for, what career to pursue When you have a clear idea of the kind of work you would like to do and you are ready to look for a specific job, you should explore the labour market, visit job centres, talk to friends, read advertisements about vacancies. After that you must start writing and sending oul resumes or CV;. Your resume not only sums up your experience and education but also advertises you to potential employers. Its purpose is to arouse employer's interest in you and thereby to gain an interview.

Employers want to hire people who fit the job, they want to fill the vacancies with competent people. If there is a personnel department in the company then the staff help to recruit a qualified applicant. Employ ers usually consider professional qualifications and personal characteris­tics. Preference is given to applicants who can maintain good relations, who have positive attitudes, who can work in a team and under pressure.

It is important for the resume to be good-looking and accurate.

Before writing your resume, ask yourself what an employer would want to know about you, what tasks you could perform, what kind ol experience you have had, what skills you can offer and what job you expect the employer to give you.

There are many interesting jobs in the financial system - loan of­ficer at a bank, broker in a securities firm, underwriter in an insurance company, and an auditor.

The modern market economy

The modern market economy is populated by three types of eco­nomic agents, whose interaction constitutes economic activity: consumers, producers, and the government. The main purpose of the econ­omy is to produce goods and services for the satisfaction of the needs of consumers.

Consumers, typically representing households, spend their income to buy consumer goods and services or to save.

How does a consumer distribute the income earned by him amongst a variety of goods and services offered in the market?

There are different factors affecting his decisions. For instance, a fall in the price of a good or service will increase his consumption of it, while a rise in its price will have the opposite effect.

Then a rise in his real income will naturally result in an increased consumption of goods and services, a fall in real income having the opposite effect¹.

The pattern of consumer expenditure is also influenced by tastes, consumer preferences and family circumstances. As incomes rise, ex­penditure on basic goods will form a smaller proportion of total spend­ing. The terms "necessities" and "luxuries" are of little use in analys­ing consumer expenditure because what are today's luxuries will probably be tomorrow's necessities.

It should be stressed here, that some customers, however, want to have high-quality products even when quality means a higher price. Some other customers prefer foreign products.

The amount spent on goods and services and changes in this vari­able have a big impact on the level of economic activity: the increase in consumer spending creates new employment opportunities and causes better living standards.

¹... a fall in real income having the opposite effect. -... при этом падение реального дохода будет иметь обратныйрезультат.

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