Needs vs. Wants in Economics

The video introduces first-grade students to the concepts of needs and wants in the context of community economics. It explains the essential needs for living, such as air, water, food, clothing, and shelter, and contrasts them with wants, which are non-essential but desirable items or services. The video also highlights the importance of money in fulfilling needs and wants and provides instructions for an activity on Seesaw to reinforce the lesson.

What are the things that are essential for living called?

• Luxuries

• Needs

• Desires

• Wants

Which of the following is NOT one of the five main needs?

• Air

• Electronics

• Clothing

• Water

Why is air considered a need?

• It is a want

• It is expensive

• It is essential for breathing

• It is a luxury

What is the main difference between needs and wants?

• Needs are essential for survival, wants are not

• Neither are essential for survival

• Wants are essential for survival, needs are not

• Both are essential for survival

Which of the following is an example of a want?

• Water

• Expensive clothing

• Food

• Shelter

What is a limitation of money mentioned in the lesson?

• It is unlimited

• It can buy everything

• It is limited

• It is unnecessary

Why do people need to make choices between needs and wants?

• Because money is limited

• Because money is unlimited

• Because wants are more important

• Because they can have everything

What activity are students instructed to do on Seesaw?

• Solve math problems

• Draw a picture

• Differentiate between needs and wants

• Write an essay

In the Seesaw activity, what label should be placed on a vacation picture?

• Luxury

• Essential

• Need

• Want

What tool is used in the Seesaw activity to label needs and wants?

• Pen tool

• Label tool

• Brush tool

• Eraser tool