Needs vs. Wants The FACS Track

The choices you make as a consumer depend on your priorities

Priorities affect many types of decisions How to spend and save your money Which products and services to buy What career path to follow

What are your priorities? In your notes, make a list of 3 priorities you have in life

To better understand where your priorities come from, it helps to look at the interrelated concepts of needs, wants, values, and standards.

Needs Things you must have in order to live. Examples: Water Food Shelter Basic Clothing

Wants Thing you desire but that are not necessary to live Examples: New Computer Another pair of Nike shoes The latest fashions Everyone has similar needs, but wants vary from person to person

Values Strongly held beliefs and principals about what is worthwhile. Most people share a common set of values: Honesty Respect Kindness Courtesy Fairness Values can vary based on culture, religious beliefs, family upbringing, and many other factors.

Standards Established levels of quality or quantity to measure against. People who share the same values may have very different standards. For instance, most people value success rather than failure - but what is success? How do you measure success?

Setting Priorities Needs, wants, values, and standards all enter into the process of establishing priorities. The priorities of individuals and families change over time as you pass through different stages of your life span - from your teen years to early, middle, and late adulthood. Changing priorities will affect the decisions you make!

Look back at the list of priorities you made… For each priority you listed, label each as a “Need” or a “Want”. Next, state how your values fit into your priorities.