Lesson 19 — Activity 2: Wants vs. Needs
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Lesson 19 — Activity 2: Wants vs. Needs
Warm Up
One of the most basic concepts in economics is want vs. need. So what are they exactly? In this lesson, you will learn the differences between wants and needs.
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How much money do you think you spent yesterday? How much money do you think you spent all of last week? What kinds of things did you spend your money on? Out of all the items that you thought of, which things did you absolutely need in order to survive?
Remember back to the lesson on basic needs? People cannot live without certain things like food, water, and shelter. However, we all have certain preferences and desires for other things that are not basic needs. These are called wants.
What is the difference between a want and a need?
What is the difference between a want and a need?
A want is something that you could do without such as the newest iPhone or gaming system, chocolate ice cream, or a brand name T-shirt.
A want is something that you could do without such as the newest iPhone or gaming system, chocolate ice cream, or a brand name T-shirt.
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A need is something that you require to survive such as water, heat, or food.
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A need is something that you require to survive such as water, heat, or food.
A need is something that you require to survive such as water, heat, or food.
Need: Something that you have to have.
Want: Something that you would like to have.
Look at the pictures below. Which of these are wants and which of these are needs?
Look at the pictures below. Which of these are wants and which of these are needs?
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An expensive car is a want.
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An expensive car is a want.
The latest phone is a want.
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The latest phone is a want.
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@istock Food is a need.
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Food is a need.
Housing is a need.
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@unsplash
Designer clothes are a want.
Water is a need.
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Does that mean that you should only buy the things that you need? Not at all! Life is meant to be lived, not survived. Treat yourself to some wants along the way, but do so when you can afford to, and enjoy those wants as the extras that they are.
Self-check!
Try This!
Think of all the items that you own in your home. How many of them are wants and how many of them are needs? There are a lot of things that we could do without, so why do we need all those items? Do you think that we buy more things than we really need each day?
Click here to download an organizer where you will list your wants and your needs. When you are finished, hand it in to your teacher so it can be marked as complete.