Suggested Lesson Plan for
Needs verse Wants
A fundamental concept in budgeting and
economics is needs and wants.
Needs are something you must have for
survival. For example, food and water. Without food,
you would not be able to live. Wants are something
that you would like to have, but it is not necessary, and you
could do without it. An example would be entertainment,
toys, CDs, etc.
Sometimes needs and wants overlap. For
example, cake is a food, but it is not a need, but a want.
In general, you need a basic diet to survive, but that diet does
not need to include cake.
Use the following worksheet to practice
identifying needs or wants.