Social Studies•Economics: Needs, Wants, and Resources
Needs vs Wants
Understanding the difference between needs and wants
10 minIncludes video
Learning Objective
Distinguish between needs and wants; understand scarcity
Needs
Things we must have to survive:
- Food and water
- Shelter (a place to live)
- Clothing
- Healthcare
Wants
Things we would like to have but don't need to survive:
- Toys and games
- Fancy clothes
- Sweets and treats
- New phones
Scarcity
We can't have everything we want because resources are limited. This is called scarcity.
Scarcity means we have to make choices about what to spend our money and time on.
Making Good Choices
Always take care of needs first, then use what's left for wants!
Video: Crash Course (CC BY-NC-SA 4.0)