Ch 4 Lesson 1: Needs, Wants and Services

You must have a need💧 to live life every day. You can live without a want 🎮.

You must have a want 🎮 to live life every day. You can live without a need 💧.

There is NO difference. A need💧 and a want 🎮 are the same.

in the past (long ago)

in the present (right now)

in the future

work harder 💪🏽

barter (trading with others)

🪵🤝🏼🍅🍅

their jobs 🏭

order online 🖥️

the farm and field 🚜🌾

the store 🏪👜

A coat 🧥 is a need 💧because you need it to keep you warm. It can be a want 🎮because you can maybe choose the coat you want.

A coat 🧥is only a need 💧 because you need it in the winter. It is not a want 🎮because it is not something fun you want to get.

adults (like parents) 👨‍👩‍👦

children (like me) 🧒🏽

anyone that has money 🧍💵 (adults, teenagers, children)

they choose what they need 💧 first, then what they want 🎮 (if they still have money left over)

they buy what they want 🎮 first, then they spend money on what they need 💧

our parents don't let us 😠 because they want to spend it on their wants first

money is scarce or limited, so we cannot have everything we want

you should not be greedy 🤑🤑