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Http://www.youtube.com/watch?v=wxkdmL3iMCY.

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Presentation on theme: "Http://www.youtube.com/watch?v=wxkdmL3iMCY."— Presentation transcript:

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3 *WANTS vs NEEDS “Things I need to live include __________”
Make a list- “Things I need to live include __________” “Things I want to have include___________”

4 * Wants & Needs List#1- Make a 'wish list' of ten things you would like to have. List#2- Imagine you were going to spend three months camping on a tropical island with no services and were allowed to take ten items with you. List the ten items. Q- Which list has more needs? why?

5 & … NEEDS FOOD SHELTER CLOTHING
Everyone NEEDS certain basic things to survive. FOOD SHELTER CLOTHING & …

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7 HUMAN WANTS ARE UNLIMITED
Anything other than what is needed for survival HUMAN WANTS ARE UNLIMITED

8 Luxuries . V. NECESSITIES (TRUE NEEDS) Food Clothing Shelter

9 A Need is in the Eye of the Beholder.
If you are still confused do not worry. This is one of the toughest aspects to understand about budgeting. Many people mistakenly categorize certain items as "needs" because they cannot imagine life without it. Q why do care about Wants vs Needs?

10 It is hard to distinguish between wants & needs , BUT….
in economics there are only a few true needs.

11 TRUE NEEDS(or Absolute Needs) are things that are critical for your basic survival and they are:
Food Shelter Clothing (and I don't mean with a designer tag) & certain medications like antibiotics

12 Or lifesaving medicine or medical care????
GREY AREA What are your needs that are NOT FOOD, SHELTER,CLOTHING Or lifesaving medicine or medical care????

13 Near Needs (or My Needs) include things like:
Utilities A/C Car Reliable transportation Personal care expenses - Companionship (L#*V!)

14 OR W/O THIS YOU WOULD NOT BE YOU?
WHAT CAN YOU NOT LIVE W/O? OR W/O THIS YOU WOULD NOT BE YOU?

15 * TRUE NEED-NEED-WANT QUIZ
1) Is a house a________? -could be all 3 2) Is a car a ___________? - could be need or want 3) What about a music? 4) How about medicine? 5) Health Care? 6 ) Finally, what about school/education/job training?

16 *GREY AREA? Vitamins? Shampoo/conditioner
Cable TV/premium channels (e.g., HBO) Car Cell phone Coat? TP ? soap/toothbrush DO for your BO? Computer/Internet access TV? Credit card? Disposable diapers? Garbage bags ? Lottery tickets Name brand shoes Newspaper Paper towels

17 EDUCATION?

18 TRUE NEEDS? NEEDS? WANTS?

19 *Goods or services that are necessary for living such as food, clothing, shelter are
A Needs B True Needs C Wants D Advertising

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21 ASSIGNMENT:WANTS & NEEDS
Each student will create a MODEL-VENN DIAGRAM to illustrate wants,needs & true needs products/services that are both (grey area), using pictures & words . Model must be titled ;properly labeled/organized, creative, neat etc.

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24 http://www. youtube. com/watch. v=oqBjjBkHnh0 http://www. youtube

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