1. For economists, a ‘need’ and a ‘want’ are defined as:
Need: something you must have, in order to survive
Want: something you desire but it is not essential
Economics is the study of how we allocate the scarce resources available to us to maximise the opportunity to meet as many of these needs and wants as possible. What makes this even more difficult is that, whilst our needs may have some limit, our ‘wants’ are unlimited and different for each individual. As a consequence, not all wants will be met.

2. Activity: The next slide shows the findings from a UK survey which asked a group of men and women which items they most wanted (to maximise their happiness). Some of the items belonged to the top 10 list for women, some belonged to the top 10 list for men and some belonged to both lists. Your task is to categorise the items.

3. Both women and men MEN WOMEN Home Photographs of deceased relatives
Wedding ring
Car
Family photos
Smartphone
Family pet
Laptop
MEN
WOMEN
Engagement ring
Jewellery
Photo of significant other
Computer
Childhood pictures

4. Photographs of deceased relatives
Family photos
Home
Photographs of deceased relatives
Family pet
Car
Wedding ring
Smartphone
Photo of significant other
Engagement ring
Jewellery
Laptop
Childhood pictures
Computer
MEN
WOMEN