Economics for Kids: Needs and Wants

The video 'Economics for Kids' by Teaching Without Frills explains the difference between needs and wants. Needs are essential for survival, such as food, water, air, and shelter, while wants are non-essential items like toys and games. The video provides examples to help distinguish between needs and wants, such as hamburgers, plants, and cars. It concludes with a prompt to explore more videos in the series and mentions where to find Teaching Without Frills online.

Which of the following is considered a basic need for human survival?

• A video game

• A bicycle

• A smartphone

• A house

What is the main difference between needs and wants?

• Needs are always expensive, wants are always cheap.

• Needs are essential for survival, wants are things you desire.

• Needs are things you can live without, wants are necessary.

• Needs are things you desire, wants are essential for survival.

Which of the following is an example of a want?

• Air

• Water

• Shelter

• Candy

Why are plants considered a need?

• They are nice to look at.

• They can be used for decoration.

• They produce oxygen and food.

• They provide shade.

Which of the following is a reason why a car might be considered a want?

• It is necessary for breathing.

• It is essential for eating.

• It makes life easier but is not essential.

• It is required for drinking water.