Economics & Management Sciences - Term 2 - Week 9

Needs are essential items that we must have to survive, such as food, water, clothing, and shelter. Without these, we cannot live a healthy life. Wants, on the other hand, are things that we desire but do not need for survival, like toys, video games, and fancy clothes. Understanding the difference between needs and wants helps us make better choices about how we spend our money.

Let's consider some examples. If you are hungry, you need food to eat; this is a need. However, if you want a new video game, that is a want. Another example is clothing: a warm jacket is a need during winter, but a designer handbag is a want. By discussing these examples, we can see how needs are necessary for our well-being, while wants are more about personal preference.

In groups, students will brainstorm a list of items they consider needs and wants. Each group will share their lists with the class. As they present, encourage them to explain why they categorized each item as a need or a want. This will help reinforce their understanding and allow them to hear different perspectives.

Students will create a poster that illustrates their personal needs and wants. They should draw or cut out pictures from magazines to represent at least three needs and three wants. Once completed, they will present their posters to the class, explaining their choices. This activity will help solidify their understanding of the concepts in a creative way.

• A new smartphone
• Food
• A video game
• A designer jacket

Answer: Food

Food is essential for survival, making it a need.

• Needs are expensive, wants are cheap
• Needs are essential, wants are not
• Needs are for adults, wants are for kids
• Needs are temporary, wants are permanent

Answer: Needs are essential, wants are not

Needs are necessary for survival, while wants are things we desire but can live without.

Answer: A new bicycle

A new bicycle is a want because it is not necessary for survival.

• Water
• Shelter
• Clothing
• Candy

Answer: Candy

Candy is a want because it is not essential for survival.

Answer: It helps us make better choices about spending money.

Understanding the difference allows us to prioritize our spending on essential items.

• Something you can live without
• Something you desire
• Something necessary for survival
• Something that costs a lot of money

Answer: Something necessary for survival

A need is defined as something essential for living.

Answer: Needs: food, water; Wants: toys, games.

These examples clearly differentiate between essential items and those that are desired.