Differences in Wants & Needs
T.I.P.S.
Students must understand and recognize that people have basic needs (food, water, shelter, clothing, etc.) and wants (toys, games, entertainment, treats, etc.). People use the income they earn to buy the things they want and need.
Example
Look at each item below and decide if each item is a want or a need. Discuss the items you decided were needs and explain your thinking.
Michael saved 10 dollars from the money he earned helping his dad rake leaves. He needs a new supply box for school that cost 4 dollars. If he buys the supply box, how much will he have left to spend on other things he wants?
Hint
Possible Solutions
Digital Tools
Click on the following links for interactive games.
Resources
Click on the following links for more information.
Money as You Grow Federal Reserve System’s Resources for Educators
Teacher Online Resource Center
TEKS
K.9 Personal financial literacy The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to: (D) distinguish between wants and needs and identify income as a source to meet one's wants and needs
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