Understanding Needs and Wants

What is something you absolutely need to survive?

• Video games

• Toys

• Food

• Expensive sneakers

Tags

CCSS.L.1.5A

CCSS.L.1.5B

CCSS.L.K.5A

What is an example of a want?

• Shelter

• Water

• A new pair of sneakers

• Basic clothing

What is not a basic need?

• Food

• Water

• A big house

• Shelter

Why is understanding needs and wants important?

• To ignore needs

• To buy more wants

• To become better at financial literacy

• To spend more money

What does opportunity cost mean?

• The cost of basic needs

• The cost of buying everything you want

• The cost of missing out on the option you did not pick

• The cost of something you need

If Frankie buys the rollerblades, what can't she do?

• Save money

• Mow her neighbor's lawn

• Go to the movie with her friends

• Buy more lemonade

Tags

CCSS.RI.4.1

CCSS.RI.5.1

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RI.6.1

What is Frankie's opportunity cost if she goes to the movie?

• She can mow more lawns

• She will have more friends

• She can buy more lemonade

• The rollerblades will not be on sale anymore

What should you do when deciding between two wants?

• Flip a coin

• Ask a friend

• Make a list of pros and cons

• Buy both

Tags

CCSS.RI.4.1

CCSS.RI.5.1

CCSS.RL.4.1

CCSS.RL.5.1

CCSS.RL.6.1

How can you make financially responsible decisions?

• By spending all your money

• By making a list of pros and cons

• By asking for more money

• By ignoring costs

Where can you find more resources on financial literacy?

• In a video game

• At the movie theater

• learnbrite.org

• At the sneaker store