Needs vs Wants

____________ are things required in order to live.

• Economic Resources

• Needs

• Goods

• Wants

Living on a budget means you...

• can never buy anything fun.

• should get everything that you want.

• don't have to make choices about your money.

• are planning how to spend and save your money.

Something that is

unnecessary to life, but desired.

• Need

• Well-being

• Value

• Want

What is an example of Wants

• Cell Phone

• Water

• Food

• Shelter

Which option is a Need?

• Car

• Hot Tub

• Nike Sneakers

• Ipod

Is this a want or a need?

• Need

• Want

Which of these explains a want, not a need?

• Shelter: If you don't have this you could possibly die in cold weather

• Chocolate: People like to eat this as a sweet treat, some may think it's delicious.

• Protein: This is important for having good health. It provides valuable nutrients.

• Clothes: You wear these to stay warm and out of jail.

What might be some good reasons that a computer is a need and not a want? (Pick 2)

• To check Facebook

• To do work for a job

• To do homework

• To play games on the internet

• To watch Netflix

You bought a new cellphone because it is the latest one.

• NEED

• WANT

Car Insurance

• Fixed Expense

• Variable Expense