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Understanding Economic Wants and Needs: Engaging Learning Activities

This educational resource offers insights into economic wants—desires fulfilled by consuming goods and services. It provides an understanding of how individuals' economic needs vary based on income and leisure time. Students will explore key distinctions between needs and wants through creative activities, including categorizing items and identifying local goods and services. These hands-on activities foster critical thinking about personal desires and the potential gifts of abundance, encouraging students to reflect on what economic well-being means to them.

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Understanding Economic Wants and Needs: Engaging Learning Activities

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  1. Economic Wants Pint Sized Econ Adapted

  2. Economic Wants • Desires that can be satisfied by consuming a good or using a service/activity. • People have different economic wants • People purchase a variety of goods and services • People use different amounts of leisure time

  3. Income • Money that people use to purchase economic wants • People with higher levels of income can purchase more goods and services • People with higher levels of income can take more leisure time • All people choose to satisfy some wants and sacrifice other wants

  4. Notes • The desire for more goods, services, or leisure time is not always greedy. • People often want more so: • They can give to others who do not have any or much • Give their children a “better life” than they had • Help their aged parents survive or live comfortably • Make their neighborhoods more beautiful

  5. Needs Vs Wants • Distinction between needs and wants can be subjective (depends on what people think are important). • Discuss what is a need or a want

  6. Name Some Needs and Wants • Goods • Apples, grapes, plums, pears, peanuts, dog food, candy, sausage, books, toys, paper towels • Services • Park entrance fees, amusement park fees, state fair

  7. Activity 1 • Materials • Magazines, Scissors and Poster paper/colored paper • Directions • Using the magazines choose and cut out pictures that represent needs and wants. • Glue the pictures on the paper/board in separate categories labeled “Needs” and “Wants”

  8. Activity 2 • Materials • Post it notes (various colors), markers, wishing well • Directions: • Write “wants” on post it notes and put them on and around the wishing well.

  9. Activity 3 (Friday if Finished) • Using the vans take a tour around the community identify goods and services that people want. • You must be able to identify at least 10 different wants in Granbury.

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