Distinguishing Needs from Wants

Which of the following is considered a basic need?

• Tablet

• Smartphone

• Shelter

• Brand new car

What should you ask yourself to determine if something is a need?

• Can I live without it?

• Do I like it?

• Is it on sale?

• Can I afford it?

What might be a major challenge if you didn't have a car?

• Sleeping comfortably

• Online shopping

• Getting to work

• Entertainment options

Is a brand new car a need if you already have a dependable car?

• Yes, if it's on sale

• Only if it's affordable

• No, not necessarily

• Yes, always

What should you do after identifying your needs and wants?

• Ignore the needs

• Buy all the wants first

• Ask for a loan

• Rank them and start saving

Why can't we afford all our wants at once?

• Because wants are unlimited

• Because of limited resources

• All of the above

• Because it's impractical